Home › News › Sell House for Cash –Unless you’re a Multi-Millionaire
Repossessions are soaring for those people struggling with debt. Families who took out sub-prime mortgages are particularly at risk. Specialist property companies have emerged to cater for those homeowners looking for a way to escape debts offering ‘sell house for cash’ schemes. The schemes offer to buy property for a slightly reduced price from the market value, giving the homeowner a lump sum of cash within days so that they can clear their debts, stop house repossession and get back on track with their finances.
Sell House for Cash unless you're a Member of the Super Rich Elite!
But the discrepancies between the super-rich and everyone else are clear – while those on an average salary or low income are struggling to keep a roof over their heads, the seriously rich are unscathed by property jitters. The sell house for cash schemes are not a concern for those at the top end of the market. However, London property agent Savills has said that those looking for homes in the £2million to £5million bracket have put their house hunting on hold as many City bankers and finance workers are worried about the size of their next bonuses. The economy is feeling the shaky effects of the global credit crunch, and it seems even the affluent boroughs of Chelsea and Fulham are suffering.
Sell House for Cash? Not if you're Super-Prime
At one end of the scale the sub prime market is suffering badly. Many people with bad credit records and big debts are turning to the sell house for cash schemes and are desperate to stop house repossession. The misery is widespread, whereas the other end of the scale, known as the ‘super prime' market is unscathed. The super-prime homeowners are those with houses over £5million, and are known as wealth creators not wealth managers. They have so much money – particularly the cash-rich tycoons from Russia and the Middle East – that they don't have to worry.
Sub prime Homeowners Forced to Sell Homes for Cash
Where homes across the UK are being put up for sell house for cash schemes in a desperate plea to salvage debts, the super-prime homes in exclusive London boroughs such as Mayfair and Knightsbridge, have risen in value by almost 50% in the last 12 months. The rich it seems will always get richer, while the average British homeowner is left on the property scrapheap. For many, the only escape is to opt for a sell house for cash scheme from a property rescue company.
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