Homebuyers are willing to pay a premium in today’s market for a chain-free property purchase, according to GetAgent.co.uk.
Research by the estate agent comparison site claims that property purchasers are willing to pay 10.8% more on average – that is £25,049 in the current market – for a chain-free property acquisition.
GetAgent analysed the property price premiums paid for chain-free properties across 19 major UK cities to calculate the average.
The methodology used for this study would suggest that Edinburgh commands the highest chain-free property price premium, with homebuyers prepared to front £75,606 more for a chain-free property in the Scottish capital.
Nottingham is home to the second-highest premium paid at £50,654, with Liverpool (£39,829), Sunderland (£39,180), Portsmouth (£38,008), Southampton (£36,049), London (£33,074), Newcastle (£32,726), Leicester (£29,571) and Swansea (£24,739) also ranking within the top 10.
The founder and CEO of GetAgent.co.uk, Colby Short, said: “We may have enjoyed a property market boom of late, but this high level of activity has also led to sizable delays during the transaction process and if this has taught us anything, it’s the added value of a quick and painless property purchase.
“A chain-free property can be a rare and converted creature in some areas of the property market and so when one does go up for sale, it’s not unusual for it to command a far higher price. This premium has no doubt been further boosted due to the long delays endured by those buying and selling over the last 18 months or so.
“Of course, this isn’t guaranteed and if you do come to sell without a chain, a good estate agent should be able to advise just how much more you could make. This will be very dependent on where and what you’re trying to sell and you shouldn’t assume you can make more just because you’re selling without a chain.
“Overpricing in any market is a sure fire way to deter buyer interest and watch your home stagnate with little to no interest for months on end.”
Data on chain-free house prices for each city sourced from PropertyData
Wider general house price data for each city sourced from Gov.uk UK House Price Index (October 2021 – latest available)
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In my experience some buyers are willing to pay more for chain free houses, but not 10.8% more. More like 5% more at most. Maybe people I speak to have more faith in estate agents ability to keep chains together. Sounds like there is an opportunity out there for vendors who are willing to stay in temporary accommodation to make a fast buck with a sideways move. makes me think the 10.8% figure isn’t showing what GetAgent thinks it shows.
I’m near Nottingham and 28.8% just doesn’t sound right to me.
What does anyone else think? Am I underestimating the value of “chain free”?
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undercover agent
“What does anyone else think?”
There was a comment posted earlier, which I note has now been removed.
Pity, really – it summed up the content of this “article” perfectly, in only two words. So it seems unlikely that you will read the opinions of others, if that is they wish to tell it how it is.
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Ah statistics! Can be interpreted to show any conclusion the writer wants.
If vacant properties are commanding a 10.8% average premium, this is more likely to be due to the fact the these are probably executor sales. Retired folk will have moved up the property ladder during their lifetime and few downsize, so the value of their home is bound to be greater than those owned as first or second home.
We sell a lot of probate properties and their average value is at least 15% higher than the average property value in town.
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And, of course, New Homes are “chain free”!
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