Open Property Group review

Open Property Group is a UK-based cash buying company that claims to offer customers a ‘hassle-free sale’ and a ‘fixed timetable tailored to their onward plans’.

With an average Trustpilot score of 4.6 (125 reviews as of 3rd July 2024) and the promise of an instant no-obligation cash offer for any type of property in England and Wales, Open Property Group is seemingly one of the best up-and-coming cash buying companies.

Let's find out if such a statement is true in our review of Open Property Group.

What Open Property Group say about themselves

Open Property Group claims they are 'genuine cash buyers' with 'honesty and integrity' being their most 'valuable assets'. They will buy vacant, rented properties and rental properties in any condition.

If you choose to sell with them, they promise to provide contact details for weekends and out-of-office hours.

Open Property Group provide some 'guarantees' if you sell with them:

• A 'no obligation cash offer'
• The flexibility to choose your time scale – whether it’s days, weeks, or months
• A direct sale to them, 'without any middlemen'
• No legal and valuation costs
• A willingness to buy any type of property, regardless of condition or issues, including structural problems, boundary disputes, short leases, property defects, and tenant issues

They even say you can exchange contracts in as quick as 7 days of accepting their cash offer.

Open Property Group reviews

Open Property Group ranks consistently high on available review forums.

• Trustpilot gives Open Property Group an average score of 4.6/5 based on 125 reviews.
• Google reviews give Open Property Group an average score of 4/5 based on 32 reviews.
• Feefo give Open Property Group an average score of 4.9/5 based on 72 reviews

Disclaimer: Throughout the years, Feefo has been accused as a pay for ratings website. Most of Open Property Group's reviews on Feefo are from anonymous traders.

Poor reviews on Google mention a lack of a consistent salesman, with one customer saying they only spoke to their original salesman twice over a six month period. Poor reviews on Trustpilot continue in this vein, describing poor communication.

The employee responding to these reviews consistently offers what appear to be reasonable and legitimate excuses.

How quickly will Open Property Group buy my house?

Open Property Group claim they can progress to exchange and completion in as fast as 7 days - but also claim to offer flexibility, allowing you to complete when you want.

There are some reviews which question this, but they are mostly few and far between. It seems Open Property Group really is a fast cash buying company.

How does this compare with selling with a local estate agent?

Cash buying companies are much faster than selling with a local estate agent. That's because they're a ready and willing buyer and typically have the money to make a transfer within a shorter time frame.

However, 9 times out of 10, you will make more money from selling your property with a local estate agent. The price of a longer sale is usually one that sellers are happy to make.

How long has Open Property Group been active?

According to Companies House, Open Property Group has been trading since the 17th of May 2016, but we have read elsewhere that they've been trading since 2014. In any case, they have been running for longer than five years, which is a good sign.

How much will Open Property Group pay for my property?

Open Property Group typically offers 75-85% of a property's market value in cash. However, if there are significant defects, the offer may be lower.

This initial cash offer is valid for only 7 days before it is retracted.

How does this compare to other cash buying companies?

Most cash buying companies claim to offer similar percentages of a property's market value. However, many don't actually have the cash on hand to buy them, and instead rely on unethical tactics, such as gazundering (reducing the offer at the last minute before exchange).

Most sellers should never accept an offer that's less than 75% of their property's market value.

How does this compare to local estate agents?

Strong performing local estate agents often exceed market value when they sell properties, with some able to sell 15% over asking price. The trade off is that selling with an estate agent takes much longer than with a cash buying company - but this is often deemed a necessary evil for the benefit of more cash.

Is Open Property Group trustworthy?

From what we’ve gathered, it seems that Open Property Group is a trustworthy cash buying company, which is more than what we can say for some:

• Nearly all review websites score Open Property Group well, often over 4.5/5
• They are members of The Property Ombudsman (TPO), a regulatory body for companies in the property sector. This suggests that Open Property Group are responsible and willing to hold themselves to account.
• They are members of the National Association of Property Buyers (NAPB), a regulatory body for companies that buy properties for cash. As with TPO, this indicates a degree of responsibility. As a direct cash house buyer, Open Property Group, agrees to accept ethical industry practices.

Open Property Group vs Local estate agents

Let's directly compare Open Property Group with Local estate agents…

Verdict: Unless you’re in debt and need cash quickly, or have a really poorly maintained property on your hands, there is nearly always more to gain by selling with a local estate agent. While you don't have to pay any agent fees (or legal fees) with a cash house buyer, you are missing out on the potential for more money.

Other property buying companies

If you're looking for more reviews of UK cash house buyers and property buying companies, check out our cash buying category here at GetAgent.