Bridge gaps in house chains

It said these chain delays are also jamming up the Scottish housing market, making it difficult for first-time buyers to get onto the housing ladder, and adding further pressure to what it called the “beleaguered” rental market in the country.

Censuswide carried out the research for the lender. It revealed that 44 per cent of homeowners in Scotland have been tied up in a property chain when trying to buy a home, with a quarter being delayed in the last five years alone.

More than half of those who are currently in a property chain in Scotland said they have since been put off making offers on other homes, and 67 per cent said the experience was even more stressful than raising their deposit.

Some 59 per cent said they have been left so frustrated they have been tempted to walk away from house buying in Scotland altogether.

Together’s analysis comes amid a campaign by the UK housing market industry to cut the amount of time it takes to sell a house to28 days, after separate research suggested it takes 109 days from the moment a sale is agreed to exchange –65 per cent longer than in 2007.

The research also comes as Together calls for greater education and awareness of bridging loans. The company states that they can offer a useful way to secure a property quickly and avoid chain delays, and can prove faster than waiting for a long-term mortgage to be approved.

However, bridging finance is often overlooked and misunderstood, it observes.

Ryan Etchells, chief commercial officer at Together, says: “While a common occurrence, maddening property chains can ramp up the costs involved with buying a home, and add to the emotional stress and admin that home movers have to deal with.

“Our property market is broken and needs a thorough overhaul – we must take steps to address it.“This is why it’s important to increase the awareness of simple solutions like bridging, as a significant portion of potential buyers and sellers simply aren’t aware of how beneficial these loans can be.

“Whether to break out of a time- and money-draining property chain, to help fund renovations or for buying at auction, this type of financing can be quickly accessed and help people move forward with their property plans now and in the future.”