Buyers Want Chain Free Property
Buying or selling a home is a difficult task, but it is often made even more difficult by things out of your control.
At Prestige & Village, we work hard to connect with buyers. We know that chains are often inevitable in the property market, but their presence causes a lot of buyers and sellers to panic.
We are on hand to assist you through the sales or buying process, and we also take steps to minimise the risks you face.
If you are looking to move, we are on your side
Some highlights of the findings from YesHomebuyers include:
- 56% of all chain-free properties have been bought by buyers
- This represents a considerable increase in the couple of months
- When comparing demand for chain-free transactions between March and June, demand has risen by 6%
- In some parts of the country, such as Cambridge, demand for chain-free property has risen by 10% since March
- Understandably, stock of chain-free property has fallen in 17 of 26 major cities
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “Many homebuyers have now accepted the fact that a stamp duty holiday saving is no longer on the cards, but that they will have to contend with the long market delays that have materialised as a result of the initiative. In this respect, a chain-free purchase will, at least, provide some hope of reducing the transaction timeline, and so it comes as no surprise that their popularity has increased substantially in many major UK cities.”
Matthew concluded by saying; “Of course, the downside to this high demand is that chain-free stock levels have dropped across the majority of cities in recent months, although some do present a far better chance of finding one than others.”
Leading property portals are aware of this issue
It is not as if property chains are a new problem in the market. Many buyers and vendors have suffered because of this issue.
This is a phenomena that Rightmove have already discussed this year. Rightmove’s director of property data Tim Bannister said: “The flexibility of renting gives people the chance to ‘try before you buy’ in a new area and so those who have chosen to move to the countryside may be selling their house chain-free to then rent and take time to decide if the good life is definitely for them.”
Tim continued by saying; “Selling chain-free is perhaps something some owners hadn’t considered as a possibility before now, but with the competitive market and stock shortage we currently have they’re trying to put themselves in a more attractive position when their dream home comes along. In the capital there are also some landlords who are selling up now, which could open up an opportunity for some first-time buyers looking for their first home.”
At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.Back to blog