Buyers swoop on chain-free properties to beat market backlog
Research from property purchasing specialist, HBB Solutions, has revealed that there has been an increase in the number of buyers opting for chain-free properties in order to beat the market backlog, with well over half of all chain-free stock on the market already being snapped up.
HBB Solutions analysed the level of chain-free stock currently available on the market, what percentage had already gone under offer or sold subject to contract and how this demand has changed compared to this time last year.
The research shows that across the UK’s major cities, 56% of all chain-free homes have already been taken by homebuyers keen to beat the market backlog and avoid the long delays that have plagued the back end legal stages of the transaction process.
At the same time, the level of chain-free stock available to buyers has remained static when compared to June of last year, making them even more sought after.
As a result, homesellers with a chain-free home to sell can be sure of a quick sale, not only due to the fact that they have no chain to contend with, but also because they are likely to find a buyer at speed.
Cardiff has seen the biggest increase in demand for chain-free homes, with buyer demand up 15% year on year. Edinburgh has also seen a large increase in demand levels, up 13%, with Newcastle seeing an 11% increase.
Belfast has seen a -27% reduction in the level of available chain-free stock on the market when compared to this time last year, with Manchester (-3%) and Glasgow (-3%) also seeing some of the largest chain-free stock reductions.
But it’s not all bad news for homebuyers in search of a chain-free property to purchase. Chain-free stock levels are up 6% in Portsmouth and 5% in Bournemouth, while 13 other major cities have also seen an increase.
Managing Director of HBB Solutions, Chris Hodgkinson, commented:
“A hot property market is certainly good news for top line market health and for the price being achieved by the nation’s homesellers.
However, such heightened market activity coupled with the protracted legal processes required to complete on a sale are causing the property industry to buckle under the pressure. As a result, transactions are being subject to some significant delays and so homebuyers are attempting to bypass this backlog by opting for a chain-free property.
While they are still going to face the same wait as any other buyer with regard to their own purchase, reducing the number of additional parties involved is the most effective way to reduce the time it will take them to complete.
For homesellers, this means the ability to offer a chain-free purchase is probably up there with some of the most desirable property features you can currently boast in today’s market.”