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United Kingdom (UK) - Selling Property
The United Kingdom’s housing market is currently on the mend. A number of areas have seen an increase in their property value of late, specifically London, Manchester, Liverpool, Cardiff, Edinburgh, and Belfast.
In 2013, the housing market began to significantly improve, with the number of banks willing to lend to residents on the rise. The average house price rose by 7.7% to £174,900. Foreign buyers have aided this increase by 9.4, with their average buying price rising to £434,000.
The market is still very much a buyer’s market, but in mid-2014 it is projected to swing in favour of sellers. A buyer’s market ensures there is plenty of choice at a decent purchase price, so there is a possibility of making a profit by reselling a few years later. The recent increase in house prices mean that the market will shortly begin to favour the seller again. Better housing prices will mean a higher return on that investment.
Real estate prices vary significantly from region to region. You may find that prices in your area have yet to recover, while in London they are soaring. Since demand plays a huge role in sales, you may have trouble selling your property without the help of an agent.
You can certainly try to advertise on Craigslist or Gumtree, real estate sites like Zoopla, and other online locations. You can also pay for an advertising service that puts your home online in various real estate listings, but without a real estate agent taking commission.
Using a Real Estate Agent
A real estate agent has access to more websites and listing resources than a private seller. They also tend to have clients approach them from all around the world, which can make the buying process easier. If you do not intend on using a real estate agent, your home is likely to be on the market for longer.
Procedure for Selling a Home
If you are selling your home privately, you will need to do some of the legwork such as contacting the land registry office or hiring a solicitor to help with the paperwork to ensure the land deed and house registry is switched to the new owners. Paperwork for the sale can be found and downloaded online, however it is easier to hire an agent with a solicitor in the office to help you sell your home.
Capital Gains Tax
Selling your home will mean extra taxes. The Capital Gains Tax applies if there is any income from the sale of the house. After you pay the mortgage, any money that is left from the sale, excluding the fees you paid to the real estate agent, will be taxed. This is considered a capital gain of income.
Possible Property Exchange
Property exchange is another option in the United Kingdom. Holiday and council exchanges are fairly common. It has yet to become popular among expats and other homeowners for longer durations. If you are unable to sell your home, you may consider exchanging your home with another citizen.
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