One in five home sellers are now chain free
One in five (21%) available properties on Rightmove are now chain-free, said the property portal. This is a jump from one in six (15%) this time last year as sellers look to take advantage of record buyer demand.
The biggest shift is in London, where the proportion of chain-free homes jumped from 12% last year to 21% today.
The shift is down to more people selling their home chain-free and moving into rented accommodation, so they are in prime position when they find the right home.
Those who are selling up may also be taking advantage of securing the best price for their home while the stamp duty holiday is in place as an incentive for their buyers, and others who have chosen to move out of a city may be planning to rent first to make sure country life is definitely for them.
Rightmove’s director of property data Tim Bannister said: “We know that one of the reasons sellers are often hesitant to come to market is because they can’t find somewhere that they want to buy, but with record buyer demand and the stamp duty holiday being an added incentive for prospective buyers there seems to be a group of people who are choosing to sell up now and rent temporarily.
“The flexibility of renting gives people the chance to ‘try before you buy’ in a new area and so those who have chosen to move to the countryside may be selling their house chain-free to then rent and take time to decide if the good life is definitely for them.”
Guy Gittins, CEO of Chestertons, said: “The family house market is incredibly competitive in London and many sellers are willing to break the chain in order to become chain-free buyers and place themselves in the best position to secure a property when the right one comes up.
“With many people now working from home, these sorts of buyers have more flexibility in where they live in the short-term, and many are choosing to move back with family temporarily, or even moving further out of London for the short-term.”