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Demand for chain-free transactions climbs as buyers attempt to dodge the market backlog

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Our research this week has found that demand for chain-free properties has climbed across the UK’s major cities, as many homebuyers look to minimise current market delays for a fast property purchase.

Buyers trying to skip the market backlog

"

Why go Chain-Free?

A chain-free sale is thought to reduce conveyancing times from around 12 to 4 weeks, which has become particularly sought after in the current market due to many property transactions delaying months on end at the final legal stages.

Chain-free buyer demand

Currently across the UK, 56% of all chain-free homes for sale have already been snapped up by buyers hoping to skip the current market bottleneck, and our research shows that in some cities, this has increased considerably in just two months.

When comparing buyer demand for chain-free transactions between March and June alone, demand across the UK has climbed by 6%. However, in Cambridge, chain-free property demand has increased by 10% since March alone.

Swansea has also seen a notable increase in the number of buyers snapping up chain-free homes, with demand climbing 9%.

In Southampton and Liverpool, chain-free demand is up 8% since March, with Bournemouth (7%), Sunderland (7%), Edinburgh (6%), Leeds (6%), Bristol (6%) and Newcastle (6%) also seeing some of the most significant uplifts.

Chain-free stock hotspots

So, where presents the best opportunity of snagging a chain-free transaction?

Chain-free stock levels have dropped across 17 of the 26 major UK cities we analysed, and Glasgow is home to the lowest level, with just 6% of all homes listed for sale marked as chain-free.

However, half of all for sale stock currently on the market in Belfast is chain-free, while in Manchester and Cambridge, chain-free stock levels sit at 47%. Sheffield is also home to a large degree of chain-free stock at 45%, as is Liverpool (44%).

Analysis & Insights

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.

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.”

For sellers looking to secure a quick sale, our service could be worth checking out.

"

Why go Chain-Free?

A chain-free sale is thought to reduce conveyancing times from around 12 to 4 weeks, which has become particularly sought after in the current market due to many property transactions delaying months on end at the final legal stages.

Chain-free buyer demand

Currently across the UK, 56% of all chain-free homes for sale have already been snapped up by buyers hoping to skip the current market bottleneck, and our research shows that in some cities, this has increased considerably in just two months.

When comparing buyer demand for chain-free transactions between March and June alone, demand across the UK has climbed by 6%. However, in Cambridge, chain-free property demand has increased by 10% since March alone.

Swansea has also seen a notable increase in the number of buyers snapping up chain-free homes, with demand climbing 9%.

In Southampton and Liverpool, chain-free demand is up 8% since March, with Bournemouth (7%), Sunderland (7%), Edinburgh (6%), Leeds (6%), Bristol (6%) and Newcastle (6%) also seeing some of the most significant uplifts.

Chain-free stock hotspots

So, where presents the best opportunity of snagging a chain-free transaction?

Chain-free stock levels have dropped across 17 of the 26 major UK cities we analysed, and Glasgow is home to the lowest level, with just 6% of all homes listed for sale marked as chain-free.

However, half of all for sale stock currently on the market in Belfast is chain-free, while in Manchester and Cambridge, chain-free stock levels sit at 47%. Sheffield is also home to a large degree of chain-free stock at 45%, as is Liverpool (44%).

Analysis & Insights

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.

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.”

For sellers looking to secure a quick sale, our service could be worth checking out.

See data & sources

Table shows current demand for chain-free properties in each city and the change between March and June 2021

Location

Demand - chain free (June 2021)

Difference

Cambridge

60%

10%

Swansea

59%

9%

Southampton

59%

8%

Liverpool

52%

8%

Bournemouth

65%

7%

Sunderland

56%

7%

Edinburgh

21%

6%

Leeds

65%

6%

Bristol

71%

6%

Newcastle

49%

6%

Newport

67%

5%

Plymouth

71%

5%

Portsmouth

67%

5%

Nottingham

63%

4%

Manchester

36%

4%

Bradford

53%

4%

Cardiff

51%

4%

Aberdeen

4%

3%

Glasgow

18%

3%

London

40%

3%

Birmingham

46%

3%

Sheffield

66%

3%

Oxford

42%

2%

Belfast

59%

2%

Leicester

49%

2%

Table shows current level of chain-free property stock in each city and the change between March and June 2021

Location

Stock - chain free (June 2021)

Difference

Belfast

50%

3.6%

Manchester

47%

-0.6%

Cambridge

47%

-0.3%

Sheffield

45%

0.2%

Liverpool

44%

-0.5%

Southampton

43%

-1.2%

Bristol

42%

0.6%

Oxford

42%

-0.9%

Portsmouth

41%

-1.1%

Plymouth

41%

0.8%

Birmingham

41%

2.1%

Cardiff

41%

-1.3%

Nottingham

40%

-1.0%

Leicester

39%

1.4%

Sunderland

39%

-4.8%

Bournemouth

39%

1.9%

United Kingdom

36%

-0.1%

Newcastle

36%

-2.1%

London

35%

0.6%

Leeds

34%

-1.2%

Swansea

31%

-0.8%

Bradford

31%

0.0%

Newport

23%

-4.9%

Aberdeen

13%

-3.6%

Edinburgh

9%

-0.9%

Glasgow

6%

-1.5%

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