Two-thirds of the housing market is cut off from buyers who are part of a chain, with the majority of sellers now wanting a chain-free process, says MPowered Mortgages.
On top of that, “buyers who are part of a chain can expect to pay more to land their ideal property,” says the home lending platform’s House Pace Index, which focuses on behavior and behavior. attitude of buyers and sellers.
The study indicates that sellers typically receive an average of three offers before accepting a sale. However, one in 10 suppliers waits to get at least five offers. Young people with a home on the market are twice as likely to expect more than five offers, compared to sellers over 55.
The survey states, “As sellers have had the upper hand, it’s no surprise that 41% want a cash buyer for their property. More than half, 51%, are also looking for a first-time buyer who already has a mortgage decision in principle from their mortgage lender.
Managing Director of MPowered Mortgages, Stuart Cheetham, said: “Our research sheds light on what makes a buyer procedural and it is clear that chains can put buyers at a disadvantage.
“However, if you are in a chain, you need to make the best possible case to be an attractive candidate when submitting an offer.
“That means having a ready-made mortgage, which is something more than half of sellers are looking for from the person buying their property. We use smart data and technology to deliver fast mortgage decisions, helping buyers land the property they really want.