A property chain is essentially a series of buyers all linked to each other through their property transactions. Person A has bought a property of person B, who in turn is connected to person C whose property is for sale. As a single chain is only as strong as it’s weakest link, should one person, or link in that chain pull out the entire strand collapses.
Small wonder anyone linked in to a sales chain is on tenterhooks when looking to move homes!
However, sell your home first and you’re in a whole different place when it comes to stress levels as you’re not reliant on the chain holding together. One other option is to sell your home and move in to rented accommodation before the purchase of your new home goes through…an option which can prove really expensive in the long run.
It may sound hard to believe but now just under 30% of leicester home owners are doing exactly that and freeing themselves of the dubious nature of the property chain.
Whilst this isn’t always the most desirable move on this particular chess board it’s worth remembering that the during the current climate the market is holding nicely with many buyers keen to complete purchase before the stamp duty term ends.
Not only this but with the immunisation programme ending soon, the steadying out of house prices and the number of property sales expected to increase, the patient buyer(s) waiting for the time to pounce on the market whilst renting could very well get a great bargain.
Consider the kinds of properties being sold right now and what it means…
- 9% of detached houses in Leicester are being sold chain-free
- 6% of semi-detached houses in Leicester are being sold chain-free
- 5% of town house/terraced houses in Leicester are being sold chain-free
- 3% of apartments/flats in Leicester are being sold chain-free
- 4% of bungalows in Leicester are being sold chain-free
Some of the above don’t all fit in to the chain free pre-rental arrangement as some home owners have sadly passed away with the current pandemic or gone in to care, and no one would deny the market dipping risks of being out of the market chain whilst renting. However, keeping chain free is one strategy that works well in the long run, and during the present climate it is one worth considering.
