In almost every scenario, there will always be value in a chain free property. This is particularly true of today’s market following the surge of property transactions last year as a result of the stamp duty holiday. Where there is a high level of activity often leads to delays in the transaction process, so the added value of a quick property purchase has become well sought after.
Early last year, Rightmove recorded a 72% increase in the number of buyers including “no chain” in their search terms. So, by how much more are buyers willing to pay? Research by estate agent comparison site, GetAgent claims that purchasers are willing to pay 10.8% more on average – that is £25,049 in the current market for a chain-free property. GetAgent analysed the property price premiums paid for chain free properties across 19 major UK cities to calculate the average.
Chain-free properties can cut down as many as 8 weeks from the conveyancing process and it’s not just buyers that benefit from being chain free… The advantages of being chain free allows sellers to cut through the competition and buyers to negotiate harder. Many homeowners are deciding to sell up and move into short-term rental accommodation to help strengthen their position before re-entering the market.
However, chain free properties started to become more readily available, as landlords enter the market to off-load investments in light of COVID 19 and its impact on the rental market. In the current market this means more choice for buyers and more competition for sellers to contend with.
