Two-thirds of the housing market is cut off from homebuyers who are in a chain, with the majority of sellers now wanting a chain-free process, says MPowered Mortgages.   

On top of this, “buyers who are in a chain can expect to pay more to land their ideal property”, says the platform home loan lender’s House Pace Index, which focuses on the behaviour and attitude of buyers and sellers.  

The study says sellers typically receive an average of three offers before agreeing to a sale. However, one in 10 vendors 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 55.  

The survey says: “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.”  

MPowered Mortgages chief executive Stuart Cheetham says: “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.”