Most home movers in Britain are reliant on the sale of their current home before they can move, this causes a chain. A chain is formed when two or more homeowners are reliant on the sale of their property simultaneously to fund the purchase of somewhere else to live.
Property chains have received a bad press in recent years. Although they are often an inevitable necessity, some chains can be more problematic than others. In the worst scenarios chains can cause a sale to fall through or result in lengthy delays.
In recent years the number of properties sold without a chain has increased, especially in the North West.
Generally in the UK more homes have been sold without an onward chain in 2015 than in any of the previous 10 years. This growth has been driven in part by the increase in the private rental sector. In many cases landlord purchasers will not be reliant on the sale of another property – hence they will be a chain free buyer. Although there may be a considerable number of investors buying in the North, the increase in chain free moves is perhaps also due to better affordability. With lower house prices in the north some sellers could have the option of moving home before selling up. Less reliance on the sale of a current home to fund the purchase of a new one is likely to have a positive impact on the increasing number of chain free sales.
So far in 2015, the number of homes sold chain free in North East and North West England is twice the level it was in 2007. Four in ten sales in the North West have no onward chain, the largest proportion anywhere in the UK. The picture is very different in fast paced London markets where the declining affordability since 2010 has meant homeowners increasingly don’t have the option of moving house before selling up first. Here just one in four homes was sold without an onward chain.
Chain free buyers purchasing homes from vendors in a chain typically get an additional 1.3% off the asking price.
Below are a selection of chain free properties currently listed for sale with Bridgfords