66% of the housing market is cut off from homebuyers who are in a chain, as the majority of sellers now want a chain-free process and buyers who are in a chain can expect to pay more to land their ideal property, according to MPowered Mortgages’ House Pace Index, which sheds light on modern buyer and seller behaviours and attitudes.
The study by the fintech mortgage lender reveals the degree to which it’s a seller’s market, with most (66%) wanting a chain-free process or demanding a higher price from a buyer in a chain.
Vendors typically receive an average of three offers before agreeing to a sale. However, one in 10 sellers wait to secure at least five offers. Younger people with a house on the market are twice as likely to wait until they had more than five offers, compared to sellers aged over 55s.
As sellers have had the upper hand, it’s not surprising that 41% want a cash buyer for their property. More than half (51%) also look for a first-time buyer who already has a mortgage decision in principle from their mortgage lender.
Stuart Cheetham, CEO, MPowered Mortgages, said: “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. 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.”