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Demand for chain-free properties surge – HBB Solutions

  • 29/06/2022
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Demand for chain-free properties surge – HBB Solutions
There has been an increase in the number of buyers opting for chain-free properties in order to beat the market backlog.

HBB Solutions research analysed the amount of chain-free properties available on the market, what percentage had already gone under offer or sold subject to contract and how this demand has changed compared to the same time last year.

The research, which used data from RightMove and Zoopla on 27 June 2022, shows that across the UK’s major cities, 56 per cent of all chain-free homes were taken by homebuyers.

Cardiff saw the biggest increase in demand for chain-free homes, with buyer demand is up 15 per cent compared to the same time last year, while Edinburgh also saw a large increase in demand at 13 per cent, and Newcastle saw an 11 per cent rise.

Belfast saw a 27 per cent reduction in the level of available chain-free stock on the market when compared to this time last year, with Manchester and Glasgow both down three per cent respectively.

However, in some areas chain-free stock levels were up, including six per cent in Portsmouth and five per cent in Bournemouth.

Chris Hodgkinson, managing director of HBB Solutions, said: “A hot property market is certainly good news for top line market health and for the price being achieved by the nation’s home sellers.

“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.”

He continued: “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.”

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