Newly released figures from MPowered Mortgages has revealed that two thirds (66%) of the housing market is cut off from homebuyers who are in a chain, with the majority of sellers now wanting a chain-free process.
What's more, buyers who are in a chain can expect to pay more to secure their ideal property.
The FinTech mortgage lender's House Pace Index, which aims to shed light on modern buyer and seller behaviours and attitudes, reveals the degree to which it remains a seller’s market despite recent speculation about significant price drops, with most (66%) wanting a chain-free process or demanding a higher price from a buyer in a chain.
Typically, sellers receive an average of three offers before agreeing to a sale, but one in 10 sellers wait to secure at least five offers. The research found that younger people with a house on the market are twice as likely to wait until they had more than five offers, in comparison to sellers aged over 55.
With sellers continuing to have the upper hand, it's little suprise that 41% want a cash buyer for their property, while more than half (51%) seek a first-time buyer who already has a mortgage decision in principle from their mortgage lender.
“Our study shines a light on what makes a proceedable buyer and it’s clear that chains can put buyers at a disadvantage. However, if you find yourself in a chain, you need to make the best case possible to be an attractive candidate when putting in an offer," Stuart Cheetham, CEO at MPowered Mortgages, said.
"That means having a mortgage that is ready to go, which is what over half of sellers are looking for from the person that purchases their property. We use intelligent data and tech to provide mortgage decisions quickly, to help buyers land the property that they really want.”
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