Can I Sell My House in Portsmouth for Cash?
Estimated reading time 5 minutes
Bringing together city living with coastal scenery, Portsmouth has long been a desirable place to live, with areas like Southsea and Cosham topping the list of desirable locations.
However, this doesn’t always translate into a fast property sale. The average property can sit on the market for four months or more, depending on the location and condition. This wait can be frustrating, especially if you’re relocating for work, facing financial difficulties or need to move for personal reasons.
Perhaps it’s no wonder then that sellers in Portsmouth and across the UK are increasingly opting to sell their property for cash. So, if you’re asking ‘Can I sell my house in Portsmouth for cash?’ you’re not alone, and you’re wise to investigate this approach. Here we’ll take a look at what’s involved in selling your house in Portsmouth for cash, as well as how it works and why it’s more popular than ever.
Portsmouth’s property market
As of August 2024, the average house price in Portsmouth stands at £245,000, a 4.3% decrease from the previous year when prices averaged £256,000. While house prices have fallen in Portsmouth, the South East region as a whole saw a slight increase of 1.6% during the same period, with average prices reaching £385,000.
But what about when you break it down into property types? As of August 2024, detached properties average £485,000, experiencing a 5.8% drop from the previous year. Meanwhile, semi-detached properties average £336,000 and terraced houses average £265,000, down 3.8%. Flats and maisonettes are the most affordable, averaging £174,000.
The rental market, on the other hand, has seen a sharp increase in prices. In September 2024, the average monthly rent in Portsmouth was £1,290, marking a 9.3% increase from £1,180 the previous year. The demand for rental properties in Portsmouth remains high, thanks to its coastal location and proximity to major cities like London and Southampton.
So, the housing market is cooling a little, while the rental market is going from strength to strength. It’s a mixed picture.
Why sell for cash?
Cash sales remove some of the usual hurdles that can slow down the process of selling a property.
Without the need for mortgage approval or complex property chains, it’s often much quicker and more certain than selling via an estate agent. For sellers in Portsmouth, where the average time to complete a sale is around 120 days, this is a significant benefit.
If your priority is speed or certainty, selling for cash could mean avoiding the common delays associated with buyers needing mortgage approval, market downturns or broken chains. Plus, there’s less risk of a sale falling through, which is always a possibility when financing gets in the way.
Who should consider a cash sale?
Selling for cash isn’t just for those in a rush.
While speed is a key advantage, it’s also about avoiding some of the complexities that come with a traditional sale. If your house is in need of repairs or renovations, cash house buyers tend to be less concerned about the condition of your property. You won’t need to invest time or money into fixing things up to attract buyers.
Additionally, if you’re Selling a tenanted property or face complications with probate or repossession, a cash sale can simplify the process and save you from the drawn-out formalities of selling through an estate agent, as well as thousands of pounds in agency and legal fees.
Selling your house for cash in Portsmouth: What’s the process?
The process is refreshingly straightforward.
Once a price is agreed upon, you won’t need to wait for mortgage approvals or deal with third parties. You’ll typically receive the funds within a matter of days, making it a good option for those who need to sell quickly without any added stress.
The certainty of a cash sale also means there’s less risk of the deal falling through at the last minute. It’s a cleaner, more predictable transaction that gives you control over when and how you sell.
Is selling for cash right for you?
There are plenty of reasons why selling a property for cash makes sense for someone.
For those who are in a hurry, it’s the fastest way to sell without the complications of traditional buyers. If your property isn’t in perfect condition, your house sale fell through or you’re facing a challenging situation like repossession, a cash buyer can provide a hassle-free solution.
The speed, simplicity and certainty of a cash sale mean you can avoid long waits, estate agent fees and the unpredictability of the open market.
If you’re ready to explore the option of a fast house sale in Portsmouth, SellHouseFast.co.uk can help. With a quick, transparent process and no hidden fees, we’re here to make selling your property as simple as possible.
Get in touch today for a free, no-obligation cash offer and take control of your sale with confidence.
