Chain-free property listings boom as sellers opt to rent ahead of their next move
Recent data from Rightmove suggests that there has been a sudden increase in the number of chain-free properties listed on the market, due to sellers being more willing to rent before they purchase their next home.
21% of available properties on Rightmove are chain-free, an increase from 15% this time last year.
This growing trend for chain-free property sales has been seen significantly in London, which has increased from 12% to 21%.
Sellers are often hesitant to come to market because they are unable to find somewhere they want to buy, but with record demand and the stamp duty holiday extension to consider, there is a greater sense of urgency across the sector.
Tim Bannister, Rightmove’s director of property data, said:
“Selling chain-free is perhaps something some owners hadn’t considered as a possibility before now, but with the competitive market and stock shortage we currently have they’re trying to put themselves in a more attractive position when their dream home comes along.”
In London, there has been an increase in landlords who are deciding to sell, pushing up the percentage of chain-free properties on the market.
Rightmove have also seen a significant increase in the number of buyers searching for ‘no-chain’ or ‘chain-free’ properties in their keyword search function, as buyers rush to make use of the stamp duty savings available until the end of June.
In February 2021, the property portal found that the number of buyers searching for these terms was a staggering 72% higher compared to last year.
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This article was originally published by BriefYourMarket and is reproduced here with their permission.
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