Selling your home in London can be a daunting and challenging prospect. The process is lengthy and complicated, with a variety of associated fees and an everpresent risk of having your house sale fall through due to endless property chains. However, it doesn’t always have to be like this. You could simply get an offer from Vivo, the best rated fast property buyer in Trustpilot, and sell your house in as little as 7 days, avoiding many of the pitfalls that are inherently connected to selling on the open market in London. But why are quick sales so hard to come by in the Capital?
Selling your home in London can be a daunting and challenging prospect. The capital’s property market is somewhat different to the rest of the UK, so it’s advisable that as a homeowner you know the factors which influence it before attempting to sell. This is particularly true for first-time sellers as the process can be a bit overwhelming as it involves multiple steps, each with varying degrees of complexity and associated costs. Here at Vivo Property Buyers, we look at what makes the London property scene unique, why it may be difficult to sell on the open market here and look at your options should you decide to pursue an alternative house selling method.
The open market in London is slower than the rest of the UK
It’s vital to treat the London housing ‘bubble’ separately from the rest of the UK. According to Post Office Money, it takes an average of 102 days to sell a house in the UK and it becomes 24% longer when it’s in the capital.
But what can you do when you need to sell your house faster? Maybe you need to get rid of an inherited property, or are in risk of repossession, or need to split assets after a divorce? For circumstances likes these, Vivo can help you break the slow cycle. You can get a no-obligation offer in 24 hours and full payment in less than 3 weeks. This is not only faster than the average, but faster than real estate agents and auctions. Here are the main reasons why Vivo can work for you:
Get a secure London house sale
One of the main risks of the open market is that no house sale is guaranteed until you’ve exchanged. With Vivo, once you have accepted our final offer, the house sale is locked-in and secure. No last-minute snags, just a quick and stress-free way of selling your London house fast, from Croydon to Barnet, from Romford to Hounslow.
We pay all legal fees and costs
The excitement of selling your house can sometimes make you forget that estate agents charge a percentage of the final selling price, meaning that a proportion of the payment you receive is taken. Adding to this are all the other costs that accumulate like solicitors and legal fees. Here at Vivo Property Buyers, we pay for all the cost associated with the house selling process, including the removal of unwanted furniture and a professional house clean, so there are no nasty surprises or hidden fees when selling to us. Not only that, we even pay for you additional legal advice if you feel you should need it.
You may save money in the long run
In order to conduct a quick sale Vivo offer 85% of your property’s market value. But with the slow nature of the property market, especially in London, you can actually get more for your money in the long run.
The process of selling a house can be very stressful, even more when we are talking about a house in London. Even if you are at a state where you are not sure a fast property buying company is the service you need, get in touch with us to hear some honest and impartial advice – if we don’t feel like we are the best option for you, we will let you know!
|Sales process||6 months Open market||7-14 days Vivo Property Buyers|
|Market value (advertised price)||£400,000||£400,000|
|Agreed price (average 5% discount)||£380,000||£340,000|
|Final price after post-survey negotiation (average 3% discount)||£368,600||£340,000|
|Estate agent fees (2% + VAT)||£357,542||£340,000|
|Solicitor fees (average £2,000)||£355,542||£340,000|
|Cosmetic repairs to property||£354,542||£340,000|
|Council tax & utility bills (£400 per month)||£352,142||£340,000|
|Monthly mortgage repayments (£2,100 per month)||£339,542||£340,000|
|Gas safety certificated||£339,442||£340,000|
|Risk of sale breaking down||High risk||Secured sale|
|Final Price £339,442||Final Price £340,000|
Use our form to tell us about your property in London. Knowing the adress, the property type and the number of bedrooms, we’ll be able to estimate an offer for your house
You’ll receive a no-obligation Full Offer Package 24h. This offer will include price and timelines that suit you, and all that is included in our quick sale service
If you are happy with our offer, we will then arrange for an independent RICS surveyor to carry out a valuation of your property in London. The cost of this is paid in full by Vivo.
Once you have accepted the Formal Offer, the sale, the agreed price and timescales are locked in and secured and the appointed solicitors get to work. No surprises.
From the instruction of solicitors, it is possible to get the deal done and receive full funds within 7 days, but our process is flexible and we will work towards your desired timescales.
Now that we’ve seen how selling to Vivo can make the complex and stressful process of selling your house quicker and simpler, let’s take a look at London’s unique property market. London is one of the capitals of the world and therefore plays by its own rulebook. Keep on reading to understand the context in which you will be selling your house and why acting now can help you avoid a lot of headaches.
London is a fascinating city, one that attracts around one-quarter of UK’s university graduates every year, drawn in by good career prospects and progression. As a result of the large influx of young professionals looking for accommodation in the capital, rent prices have risen significantly which has subsequently caused a knock-on effect for London house prices which, according to the UK House Price Index, is 125% higher the national average. While this may be good news for those looking to rent out their investment property it has become a huge obstacle for many London property buyers (particularly young families) looking to get their foot on the housing ladder.
House prices vs income
In addition, London for some can be a chaotic place to reside. It has seen many people begin to sell their homes for pastures new and a slower pace of life, relocating to areas surrounding the capital’s commuter belt, such as in Kent and Surrey. Properties here tend to offer greater space and value for money. Moreover, a recent study by the ONS indicated that more than 340,000 families moved out of London in 2018/2019, a record number since the organisation started collecting this data from 2012, and with the average price of a semi-detached in the capital being £740,908, it can be viewed that this figure is far above the budget of many first-time buyers. To further illustrate the disparity between income and house prices, data from the ONS shows that in areas such as Camden and Fulham median house prices were 21 times earnings, making home-ownership an unrealistic goal for many local residents. If you add in the detail that lending criteria has been getting tougher recently, there has been a reduction in ‘ready buyers’ which is bad news if you’re looking to get a quick buyer for your property.
Are you one of the lucky ones?
However, if you own a home in one of the more affordable areas of London such as in Tower Hamlets, Croydon or Newham you are more likely to succeed in getting a relatively quick London house sale with prices still being affordable to most of the general population. You have to be fast, however, as up-and-coming areas of London often don’t stay cheap for long. This can sometimes result in the London house buyers being far pickier than in other areas of the UK, with potential buyers seeking value for money. Unfortunately, this can hold up the process (a buyer may be selling to someone, who is selling to someone…) and house chains can get quite long meaning that there is a high risk of the house sale falling through.
Now, if you’re one of the lucky ones who has managed to buy in London and are now looking to sell to move to a larger house in the city or to another location all together, you will need to consider the best method to do so which will work to your needs. We previously found that the house selling period can be one of the most stressful periods of your life. So, it’s important to understand all the common problems and how you can deal with them to have a better chance of selling your home.
The process of selling a house on the open market can be incredibly complicated and requires a high level of organisation and coordination from every party involved, and although the London property market moves quickly, this method can make for a lengthy process. One of the first hurdles which can affect timings is finding the right buyer- one who is willing to pay close to your asking price and is committed to push the sale through quickly. Even after you have found a suitable buyer, there still remains a number of legal hoops that you have to jump through, which can often be complex and time consuming, making it hard to sell your house fast in London.
Even after all the back and forth the sale still isn’t set in stone and no one is legally tied in until they have exchanged. It’s not unheard of that even after months of legal work the sale falls through at the final stage, leaving you back at square one. Due to the issues that can arise from an open market sale, it is worth exploring all the options available to you for selling your house in London before you rush into anything.
This remains the most popular method of selling a house in London but it can be difficult, costly and drawn-out. If you have decided that this is the route you’d like to take, the first step before choosing an estate agent is to look at their cost structure – find out if they charge a fixed rate or a percentage based commission. If you do opt to go with an estate agent that charges a percentage rate, try to negotiate it down as most commission rates aren’t set in stone.
Furthermore, estate agent contracts can be wordy and a bit confusing. Read through everything carefully and if you are not happy with certain aspects, ask the agent if they can negotiate on this. Also, ensure not to sign a ‘sole selling rights’ agreement and only opt for ‘sole agency contracts’ or ‘multiple agency contracts’. By signing a ‘sole selling rights’ agreement, you are only allowed to sell your property via the agent. This means that even if you find your own buyer, let’s say a friend wants to buy your property, you will still have to pay the agent their commission. Similarly, a ‘sole agency agreement’ means that you are only allowed to sell your property via the appointment, however, if you do find your own buyer, there is no commission due to the agent. Finally, a ‘multiple agency contract’ means that several agents can have a go at selling your property, giving you more flexibility.
The bulk of the cost associated with a house sale comes from estate agent fees, therefore you could save money if you decide to opt for a private sale. A private sale is when the seller deals directly with the buyer, bypassing the conventional method of using an estate agent. The obvious caveat that comes with removing an estate agent from the house sale process is that most of the leg work around legalities and contracts now falls on you. It’s these details that add to the complexity of selling your house privately.
In addition to learning the legalities surrounding a house sale you also need to learn about your local property market so you can price your property correctly. Once you have a better feel for the dynamics of the local housing market it’s time to find a willing buyer. This is the longest part of the process beginning with choosing the right platform to advertise your house and scheduling time out from your daily routine to arrange viewings. This stage is made more difficult as you are not able to advertise on property portals where most house buyers search such as Rightmove, Zoopla or Primelocation as this is only for agencies to advertise one.
Auctions have become increasingly popular amongst owners looking to sell their house fast. This process can be particularly attractive if the property in question is not selling in the open market due to structural issues or undesired features, as many auction buyers are looking for houses they can reform and sell for a higher value. It also has the advantage that a bidding war by two or more interested buyers can raise the price of the property way above the initial price.
However, attempting to benefit from these advantages can be risky and come at a cost. To start with, despite being faster than real estate agents, the average house sale can take up to three months, and that’s as long as you manage to get your house sold. There is always a risk of getting no bids and thus having your property go through the whole auction process, and paying for all the fees, without ever getting a potential buyer. In this case, you will end up with an unsold property and a hole in your wallet of the size of an auction entry fee, typically around £500-£1000. If you are looking for speed and minimum risk, take a look at how Vivo’s service compares to auctions in this detailed table.
With this overview of London’s property market and its main characters, you should now be equipped with enough knowledge to give your next steps. If you have decided that it is time to accelerate the process and get a quick secure sale of your property in London, submit your details and get a no obligation offer in 24h.
As fast property buyers we often buy houses to help people in difficult situations, which can sometimes be financially related. We understand how difficult it is to have to sell your home to help with debts and that’s why we let our clients stay in their house for a few weeks to give them time to get back on their feet. This is also why we are very proud to announce that we are now supporting Alone in London as our chosen charity; a wonderful organisation that helps vulnerable young people in London who are on the brink of homelessness.
Not only do they support young adults by helping them find accommodation, they also work with them to develop a long term solution to their problems – whether that is helping them make positive life choices, or developing their skills to give them a foundation to thrive and grow in the world.
As a property company which often deals with people in a variety of situations, we were drawn to Alone in London as we share their values and believe that the home is such an important aspect of everyone’s lives, particularly young people who need support to have a positive future.
With donations like ours, Alone in London can continue their fantastic work supporting vulnerable young people facing homelessness in the capital. If you are interested in making a donation you can do so on their website.
With the 2016 Olympics in Rio de Janeiro only a few months away, it takes us back to the summer of 2012 when London did such an amazing job of hosting the event. A lasting effect of the Games is that it highlighted the enormous potential of East London and house buyers have been investing ever here since. As a property buying company, we love this side of London too! If you want to sell your house fast, property in East London can offer you much better value than other areas of the capital. So if you are looking to buy a house or flat in East London, read our guide to this area below:
One area that has really benefited from the Olympic Legacy is Bow. Located less than a mile from where the Games were held, this area has undergone extensive regeneration and is now full of impressive new builds and rejuvenated council homes. The area has great public transport links with Bow Road being on both the District and Hammersmith & City lines and Bow Church being part of the DLR. Additionally Mile End station, which serves the Central line, is only a short distance away too. This makes Bow a perfect commuter spot and such transport links makes visiting the largest urban shopping centre in Europe, Westfield Stratford City, only a short trip away as well. Perfect for relaxing walks along its canals, Bow is also situated close to the wonderful Victoria Park. Known affectionately as ‘The People’s Park’, it has won the Green Flag People’s Choice Award for most popular public green space in the UK in 2012, 2014, and 2015.
Offering so much more than the Royal Observatory, Greenwich is a great place for house buyers that crave open space. South of the Thames, Greenwich is away from the hustle and bustle of central London and offers plenty of green space and fresh air. You can spend summers relaxing in Greenwich Park, enjoying a slower pace of life at a location that isn’t miles away from the excitements of city life. Only a short ride from Greenwich on the DLR is Mudchute Park and Farm; kids love it and you will feel as if you have been transported back to the countryside too! Overall, this area is great for house buyers with families who can enjoy the small town feel of Greenwich with its cobbled streets and traditional market. Furthermore, this location is also full of maritime and naval history from the impressive Cutty Sark to the National Maritime Museum, there is always plenty to do here.
If you want to live in East London and still feel part of London’s rich history then we advise you sell your house fast and move to Wapping! Formerly a hotbed of international sea trade, Wapping has a wonderful riverside location and is home to some fantastic traditional pubs such as The Captain Kidd and The Prospect of Whitby, both of which were once infamous for smugglers and pirates! Being on the Thames, Wapping is not as commercial as the South Bank or Westminster and as is far more suited for residential purposes. The area has regular London Overground transport links that cater to commuting both sides of the river, yet Wapping is still close enough to major historic sites such as the Tower of London for weekend jaunts. Situated to the east of London’s business district, the area has seen substantial investment recently, with plenty of new builds and office space being created. We love visiting the historic St Katharine Docks which has transformed as an area of maritime trade to a fantastic place to live, work and socialise.
Another area of East London that has made the transformation from industrial to residential is Limehouse. The area has been wonderfully regenerated with former wharves being reinvented as accommodation, attracting the likes of Gordon Ramsay to open The Narrow gastropub here. No greater example of this shift would be at Limehouse Basin (pictured above) that has been successfully redeveloped to provide luxury accommodation, and is only a short walk from Sir Ian McKellen’s historical riverside pub The Grapes – a favourite drinking spot of none other than Charles Dickens! While this area is slightly quieter than other parts of the east, it has fantastic transport links being served by both the DLR and National Rail. One of the biggest benefits of buying a property in Limehouse is that it is well connected to so many different areas of London. Only a short commute to central London or Greenwich, places such as Bethnal Green and Canary Wharf are also in walkable distance – ideal for any commuter. House prices in this area also make it attractive to buyers in comparison to more popular and expensive areas as Shoreditch.
If you are looking for a trendier place to buy in East London, we suggest looking into Stoke Newington. Known by locals of ‘Stokey’ it has a small village feel that house buyers love. Situated in the north east of capital, Stoke Newington borders the artistic Hackney and the area is blooming with the frequent additions of quirky cafes and neighbourhood restaurants, such as The Good Egg, and The Haberdashery. This place is great for first-time house buyers and young families who want an affordable property in an upcoming area. Another reason to buy in Stoke Newington is the charming Clissold Park. Complete with a lake and a deer enclosure, it is family-friendly and full of activities and is also is home to the wonderful Grade II listed Clissold House.
As a fast property buying company, we recommend tapping into the enormous potential we have found in East London. If you are looking to sell your house fast, we offer quick house sales and can give you an offer in under an hour. If this sounds right for you, make a simple enquiry today.
Alternatively, if you’re looking for housing inspiration further afield, why not check out:
Top 7 seaside destinations near London
London’s Best Commuter Towns: Kent
London’s Best Commuter Towns: Surrey
Here at Vivo, we understand that living in London isn’t for everyone. It can be busy, expensive, and often quite stressful. As a property buying company we meet lots of people looking to sell quickly in London and relocate to quieter climes, with seaside destinations often a hot favourite. There are many benefits of living by the seaside, with its slower pace of life, natural beauty and of course the fresh sea air, which has been proven to help you sleep! As we buy property in areas such as Greater London, the Home Counties and the South East of England we always come across quaint villages and charming seaside towns which are beautiful places to live. If you are fed up of London and are looking to move soon, here are our favourite 7 coastal locations near London, you never know they may be for you!
If you’ve decided that you’ve had enough of The Big Smoke and want to sell your home fast, Brighton may well be the ideal place for you. Away from the hustle and bustle of London, this smaller city is well known as a hub for the environmentally friendly and sustainability conscious. While its iconic pier and pebbled beaches have been the setting for numerous films and television shows, there is a great community atmosphere in Brighton. We particularly love to spend time looking around the quirky shops and activities found at The Lanes. With its trendy character, Brighton often feels like a natural choice for many who choose to sell their homes in London, often making a great commuter town. With great transport connections, you can easily return to the capital in under an hour by train too, or if you fancy something different, you can take a ride on Volk’s Electric Railway. Built in 1883, it is the oldest working electric railway in the world!
Frequently dubbed ‘the new Brighton’, Hastings is rapidly becoming a popular location for many to buy a house. While it can now rival its bigger brother Brighton for transport links into London with a new 90-minute express service going straight into Charing Cross, Hastings also has an equally quirky railway in the form of the East Hill Lift. As Britain’s steepest funicular railway, it takes you straight to the Hastings County Park, a 660-acre green space featuring ancient woodland and exposed cliffs. While Hastings rose to prominence in 1066, the town had been argued to be looking rather tired in recent years. However, there has been substantial development in this town. We love the addition of the award-winning Jerwood Gallery, a museum showcasing contemporary British art. With film festivals and farmers markets now commonplace here at Hastings, the area has been boosted with the recent competition of the Pelham Place renovation, part of the Hastings Adventure Golf project, costing £450,000. Finally, with its wonderful landscape, Hastings was also the location to one of our favourite television shows, Foyle’s War.
Used as the setting for the classic Carry On Follow That Camel film, Camber Sands is just up the road from Hastings and only four miles from the town of Rye. Often viewed as the best-preserved UK medieval town, Rye’s cute cobbled street will make you want to sell your London property ever so quickly! What makes Camber Sands such a beautiful area is its wonderful sandy dunes, the only of its kind in East Sussex. Lined with marram grass, its fine sandy beaches are simply stunning, perfect for spending time relaxing with loved ones. You couldn’t be further away from the business of city life!
If you crave coastal climes but do not want to feel too cut off from the rest of us, Southend-on-Sea may be the ideal location for you. Just one hour by train to central London, this location is also perfect for quick European getaways too as you are just a stone’s throw away from London Southend Airport. When we are in the area, we love to casually meander around the beautiful Priory Park and visit the medieval Prittlewell Priory Museum. Founded by Cluniac monks in the twelfth century it is a wonderful Grade I listed building with tremendous original features and a fascinating history. Perhaps the most famous feature of this area is Southend Pier, which is the longest pleasure pier in the world. Full of fun, this Grade II building extends an impressive 1.34 miles into the sea! With an abundance of green parks and piers, Southend-on-Sea is a fantastic place for outdoor living enthusiasts, boasting seven miles of coastline too!
On the subject of seven, Broadstairs in Kent is blessed with seven wonderful beaches and coves which saw it become a favourite holiday destination of none other than Charles Dickens! The legendary author spent time at Bleak House and this area provided inspiration for the character of Miss Betsey Trotwood in David Copperfield. Such is Dickens’ connection with this seaside town there is an annual Broadstairs Dickens Festival as well as the Dickens House Museum, a fantastic destination for any literary aficionados. Overall, there is a wonderful vintage feel to Broadstairs, we love visiting the retro 1950’s ice cream parlours, and it is a great place to live if you are looking to sell your house in London. One of the benefits of buying property in this area is its wonderful scenery, with striking chalk cliffs and cute bays. Additionally, this location is also becoming a popular place to learn surfing and can also boast of two blue flag beaches in the form of Botany Bay and Stone Bay.
If you love sand between your toes, there is no better place than Littlehampton, home to the UK’s longest beach! At 1,000 feet long, both Littlehampton’s east and west beaches are regularly awarded the Blue Flag of beach quality excellence. Furthermore, the family-friendly East Beach is home to the award-winning East Beach Café. With spectacular beach-front views, its quirky design was created by architect Thomas Heatherwick. When we are here, we love taking the Littlehampton Ferry over to Littlehampton’s unspoiled West Beach. As a local nature reserve with an area of scientific interest, it is a perfect place for long walks and quiet afternoons.
Moving slightly further away from London takes us to our favourite spot in West Sussex, West Wittering. Similar to Littlehampton’s West Beach, this area is relatively unspoiled thanks to the efforts of a group of locals in 1952 that bought the beach and surrounding area to ensure that it was not over developed. Now home to internationally recognised wildlife and birdlife, West Wittering is a popular choice for families buying property in the Home Counties. Blessed with a blue flag awarded beach, the area features a variety of interesting rock pools, grasslands, and fun activities to boot. Its fantastic location sees it close to the historic cathedral city of Chichester and the open spaces of the South Downs. If you want to sell your London home, this area is popular with property buyers, with Rolling Stones’ Keith Wood even purchasing an estate here.
With the quirkiness of smaller locations and outdoor life you may crave, we really recommend these areas in the South East of England if you are looking to sell your house quickly in London. If you’re looking for a quick commute, check out our Commuter Guides focusing on Kent and also Surrey. Alternatively, if you like the open space afforded in the Home Counties or Greater London but still want to stay in the capital, you may find that East London is the place to be.
Everyone knows that London property prices are sky high, but do you know how many billions of pounds worth of property has been sold in the capital over the past few years? And can you guess how many houses you could buy on Bolton’s most expensive street for the same price tag as one of London’s plushest properties?
We take a look at some astonishing property market stats.