England's chain-free homebuying hotspots
The latest research by Lyons Bowe reveals that almost 40% of homes on England's housing market are chain-free, giving buyers a better chance of avoiding one of the biggest headaches of moving home.
With recent figures showing that almost half of homebuyers are being impacted by broken chains, Lyons Bowe has analysed current property listings across England and the South West region to establish what proportion of homes are on the market chain-free, to identify the areas where buyers have the greatest choice of properties that do not depend on another sale progressing.*
Across England, 37.9% of available properties are advertised as chain-free, meaning that for buyers who want to avoid being part of a chain, more than one in three homes on the market could potentially offer a way to do so.
But buyers' chances vary depending on where they look. The East of England is the nation's chain-free hotspot, with the highest proportion of chain-free listings nationally at 41.4%. This is followed by the East Midlands (40.5%), West Midlands follows (39%), with the North West (38.6%).
The South West sits mid-table at 37.1%, with a higher proportion of chain-free listings than the South East (37%), London (36.3%), Yorkshire & Humber (36%), and the North East (35.5%) - but drilling down into the South West's local data reveals several areas where chain-free properties account for close to half of all available listings.
Inter-region demand varies from one town to the next
Demand differs greatly within each of these regions, as highlighted by Lyons Bowe's deep dive into local demand in the South West.
Tewkesbury has the highest proportion of chain-free listings in the South West, with 47.7% of available properties independent of any other sales. Gloucester is almost identical at 47.6%, while the figure stands at 46% in the City of Bristol.
Cheltenham follows at 45.7%, with Exeter (45.3%), North Somerset (44.9%), Swindon (44.6%) and South Gloucestershire (44.3%) close behind.
Bath & North East Somerset also has a relatively high proportion of chain-free homes at 44.1%, followed by Wiltshire (41.3%), Somerset (41.2%), Cotswold (40.5%) and East Devon (40.3%).
However, the picture changes significantly elsewhere in the region. Just 18.3% of properties listed in Bournemouth, Christchurch & Poole are advertised as chain-free, while the proportion is 25% in Dorset.
South Hams and Teignbridge sit at 32.4% and 31.9% respectively, while Cornwall has 33.4% of available listings advertised as chain-free.
Chain-free could mean one less thing to go wrong
Property chains are a familiar source of uncertainty for buyers and sellers, with the progress of one transaction potentially dependent on another sale completing further up the chain.
A chain-free purchase does not guarantee a faster or problem-free transaction, but it can remove one of the external dependencies that can hold up a move.
For buyers who are particularly keen to avoid a chain, the analysis suggests that where they choose to look could therefore make a meaningful difference to the number of chain-free properties available to them.
Paul Lyons, Managing Director at Lyons Bowe Solicitors, commented:
"Nobody starts house hunting dreaming of becoming part of a five-property chain. For many buyers, avoiding the chain is about reducing the number of things that can potentially derail their move.
The interesting thing about this data is that the availability of chain-free properties varies quite considerably depending on where you're looking. For buyers who place a premium on certainty, it could be worth adding 'chain-free' to the list of things they consider alongside price, location and property type.
Of course, chain-free doesn't mean hassle-free. There are still plenty of things that need to happen before a purchase can be completed. But removing another transaction from the equation can mean one less moving part for buyers to worry about, and that can be valuable in a market where getting from offer accepted to completion can be stressful enough already."
