Families and first-time buyers are set to save an average of £710 under Government reforms designed to halve failed transactions and simplify the homebuying process.
Over a quarter of property sales failed to complete in 2024, according to Quick Move Now. Buyer withdrawals and difficulties securing mortgages were the top reasons, with interest rates and inflation continuing to challenge the market. Experts predict a cautiously positive mood for 2025.
The lender said the number of home movers affected by slow-moving or collapsing property chains could be significantly reduced if more of them were aware of how bridging finance could help.
Two thirds (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, according to new figures released by MPowered Mortgages.
There has been an increase in the number of buyers opting for chain-free properties in order to beat the market backlog
So far this year a record 73% of buyers were chain-free, up from 69% in 2021 and a low of 65% in 2010, as a lack of stock complicates onward purchases
Demand for chain-free homes has gone through the roof with buyers happy to pay a significant premium for a fast, efficient purchase.
In some areas of the UK property market, homes are commanding a higher price even after their original transaction has fallen through - nearly £4,000 more in some cases.
Homebuyers are willing to pay premiums as high as £76k for a chain-free property purchase and a less stressful transaction process.