Buying or selling a home is stressful, and one of the biggest challenges comes with the fact that sometimes deals collapse through no fault of your own.
When you are part of a property chain, you are at the mercy of other buyers and vendors. Even if all parties directly involved with your property transaction do everything above board and act quickly, your deal might still be at risk because of other people.
At Country Properties, we work hard to minimise the risk of deals collapsing because of issues in a chain. However, there is only so much you can.
This is why so many homebuyers are now looking for ways to purchase property while avoiding being part of a chain. This is something we have seen in talking with local buyers, and it has also been the focus of a recent study.
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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 last 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
Therefore, if buyers are looking to buy homes in this way, vendors need to consider their options. It isn’t always possible to sell your house first and then look to buy, for many reasons, it isn’t advised! However, if you are looking for ways to be flexible when selling your home, we can help.
Buyer behaviour is changing in the housing market
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.”
This is a set of circumstances 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.”
Currently, in line with Government guidelines, our Hitchin branch is open and our sales and lettings teams are on hand to assist you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 452951 or email firstname.lastname@example.org.