The average UK home sale took eight and half months to complete from the day the property was placed on the market, with an average of eighteen viewings undertaken, according to an inaugural analysis of over 1,000 home sellers by new residential home buying service Spring.
Atomik Research, a leading consumer insights company, conducted the research on behalf of Spring. The review looked at those who had sold in the past 24 months and revealed that 47% of respondents had experienced an offer falling-through, while 24% had to change their completion date to accommodate the buyer.
When it comes to causes for concern when selling, not knowing if the offer would fall through; timing the sale with the purchase of another home and having to prepare the home for sale were the top three concerns. 81% of respondents found viewings intrusive, a factor likely to be exacerbated by safety concerns around COVID-19.
85% of respondents made home improvements before selling their home (rising to 94% in London), with 36% painting their interiors, 24% updating kitchens, 23% updating bedrooms and 21% making flooring improvements. A quarter of respondents spent between £1,000-2,500 on the works, with 24% spending between £2,500 – £5,000. In terms of unexpected concessions, 24% of sellers ended up including appliances and 23% included furniture in the sale.
Reflecting a desire to ‘just get on with it’, 28% of sellers stated they would have been willing to pay up to 10% in fees for the guarantee of a quick sale within a month, with 10% willing to pay over 10%.
Spring is a newly launched residential home buying service with circa £300 million in annual home buying capacity, which gives sellers speed, certainty and confidence in the sale of their property. Spring acts as the property purchaser and takes on full responsibility for the sale and onward transaction. It is totally transparent and is the highest paying company of this nature, typically paying full market value for the property with circa 10-15% in fees, while the Spring price promise means that if it subsequently sells the home within six months for a higher price than their valuation, it will pay the seller the difference (less the home buying fee). Spring aims to give just one price to the majority of the properties it engages, removing the multiple price drops historically associated with buying firms.
Cormac Henderson, CEO of Spring, comments: “Selling your home can be a hugely uncertain process with many unknowns. Those who have been stuck waiting for a sale, involved in a chain or having had sales collapse know just how stressful and miserable it can be, particularly if they have time pressures with making their onward move. Spring gives sellers confidence and the freedom to move on with total transparency.
“We acknowledge that this sales model is not for everyone when compared to the open market, however we are at a point where the demand for empowerment by consumers is at an all-time high, from how we shop to ordering taxis or food. We are giving consumers the power to choose – and for many people certainty of sale and the ability to move on is worth the concession, as evidenced by our research results.”
Homes sold to Spring do not need to be renovated or prepared for sale, with Spring able to make an initial offer for most properties within 48 hours, completing in as little as seven days or a date that that suits the seller, giving them the freedom to make their move. Sellers will deal with just one dedicated property advisor with a bespoke online message centre, allowing seamless and quick communication.
Spring also cuts down on the number of viewings required to sell a home – most properties will require just one physical visit by a RICS Surveyor.
To find out more about Spring, please contact us today.