Today’s property market is unpredictable, and we are seeing an increase in property purchase delays. For you and your clients, these delays can result in deals falling through, unexpected costs and mounting stress.

The Growing Frustration of Delayed Chains

Data conducted by Together shows just how problematic property chains have become in the UK. Nearly 60% of homebuyers Together surveyed have considered abandoning a house purchase due to chain delays.

A further 57% of individuals currently involved in a property chain say the experience has made them hesitant to even place an offer on another home. What’s more, two-thirds report that the experience was more stressful than raising a deposit, showing how emotionally taxing the journey has become.

Chain delays are not just a personal burden, they have wider market implications. With 60% of homeowners caught up in a chain at some point, and 24% facing delays in the last 5 years, it is apparent that these setbacks are affecting the property market.

First-time buyers will particularly struggle to get on the property ladder, as they often rely on the timely sale of other’s homes, in order to progress with their purchase. The timescales involved are just as concerning. 29% of buyers waited 2-3 months to complete due to chain related hold ups. 7% waited up to 5 months and 5% are left hanging for 6 months or more.

In a market where speed is often the difference between securing or losing a property, these timelines are unacceptable.

Bridging Finance as a Solution

As a broker, there are solutions you can provide to your clients, to avoid the stress of delayed chains. If you aren’t already, it may be time to start looking at bridging finance as a viable option, rather than a last resort. Particularly chain-break bridging!

Bridging finance is too often overlooked, as too expensive or only for auction purchases, however this is not the case. A bridge can be a game changer for your clients caught in a delay, or collapsing chain. By providing quick access to funds, it allows buyers to move ahead with their purchase without waiting for the sale of their exiting property to complete. Removing the dependency on others in the chain reduces the risk of deals falling through.

In a competitive market, being a ‘chain-free’ buyer can put your clients at a huge advantage. It could potentially allow them to secure a property ahead of others, and often at a better price.

Partnering with a Specialist

At Crystal Specialist Finance, we’re committed to helping brokers like you find solutions for your clients in complex scenarios. With 30+ bridging lenders on panel, our expertise in structuring chain-break bridging and our ability to move quickly when time is of the essence, we’re the clear choice.

We review each and every enquiry on its own merits and offer on-hand support from initial application right through to completion.

If you have a case in mind, we’d love to hear from you. Call our New Business Advisers on 01827 337710 or get a quote online via our CrystalHUB.

Click here to find out more about our bridging finance offering.