"We buy any house. Cash in 7 days." When a sale has collapsed, the bills are stacking up and you just want it over, those adverts are tempting. Quick-sale companies can be the right answer for some sellers. But the speed comes at a price, often tens of thousands of pounds, and the market has a history of last-minute price cuts. Here's what they really cost.
What could your home earn?
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Key takeaways
- Quick-sale companies typically pay 75% to 85% of market value.
- Some firms cut offers at the last minute, sometimes dramatically.
- The market isn't regulated, but NAPB members follow an ombudsman code.
- Get your own valuation and solicitor, and never feel rushed.
- If the pressure is monthly costs, short stays can buy you time to sell at full price.
Contents
How much do quick-sale companies pay?
Well below market value. The HomeOwners Alliance says offers are often around 75%-80% of market value although in some cases it’s up to 85% of market value. On a £300,000 home, that's £45,000 to £75,000 less than you might get on the open market.
Can the offer change after you agree?
Yes, and this is the biggest risk. The Office of Fair Trading's investigation found firms dropping the prices they will pay by up to 53% on initial offers, which were already below market value. The HomeOwners Alliance warns of firms making high offers, then changing the amount at the last minute.
Is the quick-sale market regulated?
No. The HomeOwners Alliance explains you aren’t protected when selling a property to one of these firms as the quick house sale market isn’t regulated. Some firms belong to the National Association of Property Buyers and follow The Property Ombudsman's code. Property Industry Eye explains that the code requires sellers to be told the sale will be at a discount to market value, and that any reduction must be fully explained in writing.
When does a quick sale make sense?
- You must sell within weeks, for example to avoid repossession.
- The property is hard to mortgage, such as a short lease or serious defects.
- Certainty matters more to you than the price.
How do you protect yourself?
- Get your own independent valuation first.
- Use a firm that belongs to the NAPB and The Property Ombudsman.
- Get the offer in writing, and ask what could make it change.
- Use your own solicitor, not one the firm recommends.
- Never feel rushed. A genuine offer can wait a few days.
What are the alternatives?
- Price realistically on the open market. Homes priced right from the start sell far faster.
- Auction, for a fast, public sale, with its own fees and risks.
- Let the home earn while it sells. If the pressure is the monthly bills, short stays can cover them, buying you time to sell at the full price.
Frequently asked questions
How much below market value do quick-sale companies pay?
Often around 75% to 80%, and sometimes up to 85%, of market value.
Are quick house sale companies safe?
Some are reputable, but the market isn't regulated. Use an NAPB member registered with The Property Ombudsman.
Can a cash buyer reduce their offer?
Yes. Some firms have cut offers at the last minute, so get the terms in writing.
How fast is a quick sale?
Often weeks rather than months, but some sellers report delays too.
What can I do instead of a quick sale?
Price realistically, consider auction, or let the home earn on short stays while it sells.
Related guides
Sources
This is general information, not legal, financial, tax or insurance advice. Market figures are averages as of the date shown above and change every month. Speak to a qualified professional before you act on anything here.