- House Prices
If you are house hunting, you may see 'no onward chain' or 'no upward chain' be advertised in property posts. If you aren't familiar with the property purchase process, terms like this may become confusing. Below is a brief summary of what an onward chain is, and the benefits of having no chain.
What is an onward chain?
An onward chain is where a seller is dependant on purchasing another property. Every chain will have at the bottom a buyer who is not dependant on selling a property and the top of the chain will not have an onward purchase.
So, what are the benefits of having no chain?
The benefits of having no chain attached as a buyer, is that the transaction can be completed quicker, have minimal risk and a offer the seller a smoother journey. As a seller to offer no chain, this will be more appealing to buyers as this will encourage a much shorter timescale. This is especially important in the current market due to the stamp duty holiday which is due to expire on March 31st, 2020.
If you're on the property search in Shropshire or Worcestershire and would like any more information on the above, please send me across an email and I will be happy to chat with you further.
Head of Sales Progression