Housing sales chains are starting to get longer in another sign that the housing market recovery is picking up pace.
The majority of transactions in recent years have been one-off purchases or smaller two-property chains, but that is now lengthening as more buyers return to market, according to conveyancing firm Irwin Mitchell.
The average number of groups involved in a single housing transaction is now increasing to levels commonly seen five years ago, with three, four and five-party sales now completing.
The fresh injection of first-time buyers is having an effect across the whole market, and that is helping people move up the property ladder.
Helen Hutchison, a specialist conveyancing lawyer at Irwin Mitchell, said: “Over the past few years there have been fewer first-time buyers and that has had a knock-on effect, as second-steppers have struggled to find buyers to enable them to move up the housing ladder.
“We are now seeing a noticeable increase in the number of parties involved in longer chains. It shows the market is picking up because we are moving away from a time when the only purchasers were those with the cash or deposit in place to be able to buy without selling their own property.
“The latest house price statistics show that the value of homes is increasing while government schemes such as Help to Buy will also increase the availability at the lower end of the market which will in turn help those moving up the housing ladder.
“Housing chains can only move as quickly as the slowest respondent. When people are spending such large amounts of money on property it is vital that all necessary checks are carried out to make sure it is a suitable purchase.”
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