Part exchange rises in popularity
According to research from Move with Us the number of new homes sold using part exchange has increased by 11% over the last year.
Move with Us puts the increase down to more second-time home buyers using part exchange to trade up as builders have prioritised more family homes in their build-mix.
Part exchange (PX) is often a faster way to move with an average property sale taking 104 days as well as offering a higher level of certainty for buyers.
The builder will buy the property and sell it separately, providing a guaranteed buyer and removing the homeowner from the delays caused by being in a chain.
Robin King, director, Move with Us, said: “Part exchange is an attractive option for many homebuyers, allowing them to sell their old property at a true and fair market value in the shortest time possible and enabling them to get a brand new property in return.
“One of the main benefits of PX has to be the certainty provided by having no chains at either end of the sale. Due to these factors house builders are building more family-style homes and creating a new PX trend.
“The significant growth of construction activity coupled together with Government incentives such as the NewBuy scheme has also made new build properties much more accessible at a time when mortgage approval rates have been low so it is no real surprise that PX has increased in popularity as more so-called second steppers look to move up the property ladder.”