Are Sellers going to be more willing to break the chain?

ironlady2022

My chain has changed 4 x so I can imagine the Buyers/Sellers towards the bottom of the chain their mortgage offers will run out sooner than the top.

Does this mean that Sellers at the top will be more willing to break the chain to sell their house at the price agreed, as it is changing to a Buyer's market.

Furthermore, the lump sum can generate a decent interest in an easy access savings account whilst renting/living with family?

What are your thoughts? 

badger09

ironlady2022 said:

My chain has changed 4 x so I can imagine the Buyers/Sellers towards the bottom of the chain their mortgage offers will run out sooner than the top.

Does this mean that Sellers at the top will be more willing to break the chain to sell their house at the price agreed, as it is changing to a Buyer's market.

Furthermore, the lump sum can generate a decent interest in an easy access savings account whilst renting/living with family?

What are your thoughts? 

There will always be some sellers who say they will break the chain by moving into rental or live with family and
go on to do so

have every intention, but can’t find suitable rental 
have no intention of doing it

We were in the first group at the end of 2020/early 2021. Both in our 70s with no family within 200 miles. Moved twice during lockdowns, incurred lots of additional expenditure etc etc. It was not easy but we kept to our word. 

Another regular poster will be along shortly to tell you she always does it & makes money every time. For many, it’s not an option

TBH, if a seller is determined to sell, as we were, they will move heaven & earth to make it happen. I don’t think sellers will be any more influenced by the mortgage position of those lower down the chain than they have been up to now

lookstraightahead

badger09 said:

ironlady2022 said:

My chain has changed 4 x so I can imagine the Buyers/Sellers towards the bottom of the chain their mortgage offers will run out sooner than the top.

Does this mean that Sellers at the top will be more willing to break the chain to sell their house at the price agreed, as it is changing to a Buyer's market.

Furthermore, the lump sum can generate a decent interest in an easy access savings account whilst renting/living with family?

What are your thoughts? 

There will always be some sellers who say they will break the chain by moving into rental or live with family and
go on to do so

have every intention, but can’t find suitable rental 
have no intention of doing it

We were in the first group at the end of 2020/early 2021. Both in our 70s with no family within 200 miles. Moved twice during lockdowns, incurred lots of additional expenditure etc etc. It was not easy but we kept to our word. 

Another regular poster will be along shortly to tell you she always does it & makes money every time. For many, it’s not an option

TBH, if a seller is determined to sell, as we were, they will move heaven & earth to make it happen. I don’t think sellers will be any more influenced by the mortgage position of those lower down the chain than they have been up to now

That'll be me then 🤣

I actually agree with Badger, I don't really think the market will change things from how they are now. 

What might happen is that buyers will be less patient and walk away. 

michelle09

I think it will be the same as it currently is - the person with the most power in the chain is the one who is least impacted by it falling through.

We sold in 2021. I was desperate to get out of our current place, our buyers gave us a 48 hour ultimatum and our sellers continued to mess about. So we exchanged on the sale and broke the chain. These days I'm happy in my home and probably wouldn't agree to do it.

I agree with Badger, it's not suitable for everyone. However, I am always amused by threads on here where people will get annoyed that someone else won't break the chain but have lots of reasons why they shouldn't have to.

RM_2013

From what I’ve seen locally there are less properties coming onto the market and with the odd exception that sold quickly most don’t seem to be selling as quickly as they were a few months ago and more reductions.  The market is changing but there will still be willing sellers and willing buyers. 

The change is hopefully working to our advantage because our vendors have agreed to break the chain - they get a price that was offered at the height of the market - this will leave them with capital in the bank to be in a strong position when they find a property. We get quicker completion of the house we want to make our home.  

On the flip side if we were stuck in a lengthy chain we had said that to avoid losing our buyers (FTB) we would have moved into rental or with family of absolutely necessary- wouldn’t have been ideal but I’d have done it to complete the sale as we’d already had one buyer pull out due to personal reasons

grumbler

ironlady2022 said:

Furthermore, the lump sum can generate a decent interest in an easy access savings account whilst renting/living with family?/

A decent interest beating inflation?
Rising or falling house prices are more important in this respect.

Woolsery

We broke the deadlock and went rented, but that was back in the days when £400k in the bank would buy you your rent and enough left over for the leccy and gas. It wasn't fun, but it proved worth it. Without being unencumbered we'd never be in this place some now tell us we were 'lucky' to find.

I think if people are after something rare or special and have enough equity they will go into rented, as a reduced market will lessen the availability of such property, but overall they'll remain reluctant, and with good reason.

Flugelhorn

I think some people are finding that rentals that are suitable are in short supply and may cost £££

Jonboy_1984

As a seller recently it became obvious towards the end of the process there had been two different discussions on breaking the chain.

The one between our buyer and estate agent, and his expectations, and the one between us and the estate agent and the circumstances under which we would be able to do it...

lookstraightahead

michelle09 said:

I think it will be the same as it currently is - the person with the most power in the chain is the one who is least impacted by it falling through.

We sold in 2021. I was desperate to get out of our current place, our buyers gave us a 48 hour ultimatum and our sellers continued to mess about. So we exchanged on the sale and broke the chain. These days I'm happy in my home and probably wouldn't agree to do it.

I agree with Badger, it's not suitable for everyone. However, I am always amused by threads on here where people will get annoyed that someone else won't break the chain but have lots of reasons why they shouldn't have to.

Yes this is always interesting. The fact that every single chain needs a person at the bottom and the top means all chains are broken somehow. 

youth_leader

I had a bit of a shock when I wanted to go to auction and needed to move into a rented property - I didn't pass the 30 x monthly rental cost for the property I'd gone to see.  Showing my savings account made no difference as it had to be 'income'.  I did have a cat and a dog which made it more difficult still.

When I did manage to get a rental that I could 'afford', that also accepted pets,  it was a lot of paperwork/mail redirection etc, but I did have the advantage when buying as I was a 'cash in the bank' buyer.  If anyone is thinking of this do try and find a property with a garage to avoid having to put anything into storage - but check out the garage roof.  I thought I'd be OK as it was a metal roof, but unfortunately when the frost melted it condensed inside,  dripping onto my cardboard boxes.