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Demand for Chain Free properties increases

Tuesday 29 Jun 2021

Buyers’ appetite for properties that are chain free – where the sale doesn’t depend on another purchase has increased this year, research from the home-buying platform YesHomebuyers has found.

They reported that a chain- free sale is thought to reduce conveyancing times from around 12 to four weeks.

A property chain describes a line of buyers and sellers linked together because each is selling and buying a property form one of the others, apart from people at the beginning and the end of the chain.

The chain begins when someone who is only buying, not selling, and ends with a vendor who is only selling, not buying. The links in the chain are the people in between who need to both sell and buy a property.

In addition to the vendor, each property in a chain will also have an estate agents, legal firm, surveyor and potentially a mortgage lender, meaning there could easily be dozens of people  involved in any one chain and this chain will only goes at the pace of the slowest link, which we find very frustrating.

If you are selling and have multiple offers on the table, choose a buyer who isn’t in a chain themselves, first time buyers are great for this.

Between march and June alone, demand across the UK has climbed by 6% – this is borne out in Leeds who also at 6% show the greatest uplift in property demand after Cambridge 10%,
Swansea 9%, Southampton and Liverpool 8%, Bournmouth 7%, Sunderland 7%.

Matthew Cooper, founder and managing Director of Yes Homebuyers said “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 Uk cities.

David Phillip said “we recently sold a property on Creskeld Lane in Bramhope, this was launched on the portals on March 17th, we completed in 9 weeks from launch to completion (take a look at the 5 star review from James on All Agents). My recommendation would always be to use a good conveyancer and an Estate Agent that is agile and proactive – at David Phillip Estate Agents we recommend some great conveyancers, have the technology to ensure we progress with the sale as quickly as we can and hand hold all the way – we really can’t abide slowness, and when a long chain is involved then we like to ensure we take control of the chain wherever possible”

So if you are thinking of selling your home and would like to use a proactive Estate Agent based in Bramhope then call  now for a free market appraisal on 01134 676 400

#estateagent #bramhope #cookridge #poolinwharfedale #adel  #selling  #property

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