Almost four in 10 homes currently listed for sale in England are being marketed as chain-free, potentially removing one source of uncertainty from the transaction process.
Analysis by Lyons Bowe Solicitors finds 37.9% of properties on the market are advertised without an onward chain, although availability varies significantly between regions and local markets.
The East of England has the highest proportion of chain-free stock at 41.4%, followed by the East Midlands at 40.5%.
The West Midlands stands at 39%, followed by the North West at 38.6% and South West at 37.1%.
REGIONAL DIFFERENCES
Chain-free availability falls to 37% in the South East, 36.3% in London and 36% in Yorkshire and the Humber.
The North East has the lowest proportion among the English regions at 35.5%.
However, Lyons Bowe’s more detailed analysis of the South West reveals substantially greater differences between individual markets.
Almost half of properties in Tewkesbury, 47.7%, are advertised as chain-free, closely followed by Gloucester at 47.6%.
Bristol stands at 46%, Cheltenham at 45.7% and Exeter at 45.3%.
At the other end of the spectrum, just 18.3% of listings in Bournemouth, Christchurch and Poole are marketed as chain-free, while the proportion in Dorset is 25%.
TRANSACTION CERTAINTY
A chain-free property does not necessarily result in a faster transaction or eliminate the possibility of a sale falling through, but it removes the property’s onward sale as one potential source of delay.
Paul Lyons (main picture, inset), Managing Director at Lyons Bowe Solicitors, says: “Nobody starts house hunting dreaming of becoming part of a five-property chain. For many buyers, avoiding the chain is about reducing the number of things that can potentially derail their move.
“The interesting thing about this data is that the availability of chain-free properties varies quite considerably depending on where you’re looking.
“For buyers who place a premium on certainty, it could be worth adding ‘chain-free’ to the list of things they consider alongside price, location and property type.
“Of course, chain-free doesn’t mean hassle-free. There are still plenty of things that need to happen before a purchase can be completed.
“But removing another transaction from the equation can mean one less moving part for buyers to worry about, and that can be valuable in a market where getting from offer accepted to completion can be stressful enough already.”
