Two-thirds of buyers want a chain-free process and will demand a high price from a buyer in a chain, which could leave some buyers out in the cold.
According to MPowered Mortgages’ House Pace Index, which surveyed around 4,000 people, 29 per cent said they would expect a bigger offer from a buyer who is in a chain.
The report said that vendors usually receive around three offers before agreeing a sale, and one in 10 sellers wait for at least five offers.
It also noted that younger sellers were twice as likely to wait for more than five offers compared to those aged over 55.
The report found that 41 per cent of sellers want a cash buyer for their property and over half were looking for first-time buyers with a mortgage decision in principle.
Stuart Cheetham, CEO of MPowered Mortgages, said: “Our study shines a light on what makes a proceedable buyer and it’s clear that chains can put buyers at a disadvantage.
“However, if you find yourself in a chain, you need to make the best case possible to be an attractive candidate when putting in an offer.
“That means having a mortgage that is ready to go, which is what over half of sellers are looking for from the person that purchases their property. We use intelligent data and tech to provide mortgage decisions quickly, to help buyers land the property that they really want.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
