A third of all homes for sale on Zoopla are ‘chain free’ at the moment which, the portal claims, indicates a surge in the number of second homes and former BTL properties coming to the market.

This has been attributed to new, higher rates of Council Tax being charged on second homes, and recent rises in tax for BTL investors. Regional variations in the number of chain free properties are huge ranging from 48% in Hull to 26% in London.

The proportion of chain free properties tends to always rise during the run-up to Christmas because agents emphasise the chain-free status of such homes during the final months of the year – it gives them an edge in this kind of slower-moving month. But Zoopla says that at the moment it’s also because many are former BTL properties.

This is backed up by its data, which shows that many are two-bedroom properties, the most popular kind of PRS property.

The Zoopla research will also be received warmly in Whitehall, which wants rented homes to be snapped up by first time buyers.

That’s because chain-free properties complete faster than those in chains, and this means first time buyers are bidding on them in order to get in before their stamp duty bill rises in April next year when the temporary exemption for the duty expires.

Reasons to be chain-free

“There are several reasons why a home might be chain-free,” says Izabella Lubowiecka, Senior Property Researcher at Zoopla.

“Individuals may be selling an inherited home, households might be moving in together, going from two homes to one, or investors and second owners could be selling additional property.”

Toby Leek, NAEA Propertymark President says: “With finances pushed to the maximum for many people across the country, those determined to step onto the ladder for the first time or move home will be taking every opportunity possible to save themselves money and avoid the extra lump sum of Stamp Duty by completing on the sale of their property before April 2025.”

Image: Zoopla.