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TODAY'S OTHER NEWS

Chains are worsening for agents and vendors - claim

A PropTech company says the majority of transactions now involve chains and that the issue is becoming more problematic for agents and vendors.

View My Chain - designed to improve the transaction process - says that its analysis suggests some 55 per cent of transactions are now subject to a chain.  

“Our data shows that the average chain size is three properties and that in some cases you can have 20 different suppliers involved in the transaction” according to Sohail Rashid, who founded View My Chain in 2015.

He adds that deals involving chains are three times more likely to collapse than those without.

Rashid also claims the situation Is worsened by vendors, agents and even conveyancers having incomplete knowledge of the chains and progress during a transaction.

“It’s still intriguing how online case tracking is still described as an additional service in the home buying and selling process” says Rashid.

“You can order a low value item such as taxis and books with mobile tracking and updates around dispatch, delivery times and arrival. The fact that most consumers are given no accessible tracking of the purchase or sale of their home is shocking” he adds.

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