Desperately Want To Move, But I Can't Sell The House At Present...

The price of property is still generally quite unstable, but what about the owners who are looking to sell and cannot find a buyer? Recent figures have shown that property prices have dropped since the first quarter of the year, but the problem is that mortgage lending rates have also slowed for new buyers.

With mortgage lending becoming more sluggish than in the early part of the year, buyers are finding it increasingly difficult to obtain finance to buy a property, and so sellers are seeing less feet through their doors for viewings.

The first thing to remember is that you need to ensure your property is priced in line with the area. If the buyer can get the property cheaper nearby, the likelihood is that they will opt for the cheaper property. If you feel that the property may have been valued at a higher amount than it's actually worse, there is no harm in getting a second valuation done to confirm.

Bear in mind that the real and only value of any property is based upon what a buyer is prepared to pay for it, at the height of the boom when properties were increasing in value by 50,000 to 100,000, this was all theoretical money. Now the bubble has burst you must accept what the market is willing to pay, not what you paid for it five or ten years ago. If you have tried competing on price, and the asking price is absolutely as low as you can take it, perhaps it is time to take an alternate strategy.

Remortgage With a View to Letting: One option is to retain your current property, remortgage it to release the equity and let it out. With the Bank of England Base rate at a historic low level, there are plenty of excellent remortgage rates available. If you have some equity in your home you can release this money and add it to the deposit you have saved for your new property.

Letting out your existing property, with the additional rental income paying the mortgage instalments, will give you the opportunity to make your move. Holding on to your precious investment will in addition give you the chance to sell up when the market makes a recovery.

If you need a quick sale and are not so bothered about the amount that you receive for the property, there are home buy schemes that you could look into. These are companies who will simply pay a cheap price for your home and pay cash up front.

Such a company will complete the purchase of your house very quickly meaning you don't have to pay any estate agent's fees. If you do have to sell your home fast and you have exhausted other avenues, these companies could be an option.

Property auctions are also a way of getting a quick sale, although there may still be a chain involved, so the purchase may not go through for a few weeks. But remember, most who go to property auctions are business people and so they'll be looking to get the best price, which may mean a very low price.

With remortgage rates at their lowest for many years, it is a great option at the moment if you're able to obtain the finance from a lender. Now really is the time to take action if you want to remortgage too, as interest rates are going to rise later in the year, and so remortgage deals will subsequently see higher interest rates too.

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