With the property market cooling, as many as one in 10 home sellers would be more inclined to a part exchange property transaction when buying their new home, according to the latest research by Quickmove Properties.
Some of the benefits that come with a part exchange property sale include: no chain, the ability to buy and sell in one fell swoop, a quicker transaction time and no estate agent fees.
But despite these benefits, just 6% of homeowners surveyed by Quickmove Properties had considered it as an option when moving house.
However, as many as one in 10 said they would now be open to the idea in current market conditions, with the ability to avoid the dreaded chain being the most appealing factor, as well as the ability to buy and sell in one move and the speed.
Part exchanging is commonplace in many other areas of life such as buying a car and despite a lack of awareness amongst homeowners, it’s not completely alien within the property market.
In fact, part exchange schemes allowing sellers to trade the value of their current home against a new home are already established within the new-build sector, with the property developer taking the place of the estate agent and buyer.
That said, they do only account for an estimated 2% of all new-build transactions, which equates to less than 700 sales a year.
Part exchanging is more commonplace within the downsizing sector as a way to release valuable equity and move within weeks.
Insight from Quickmove Properties shows that half (51%) of their park home buyer customers opted to part exchange their bricks and mortar home when purchasing their park home.
The biggest appeal of doing so meant they could avoid dealing with estate agents and solicitors, while the convenience and speed also ranked high.
One big benefit of part exchanging that also resonated with home sellers was the ability to secure a licence to occupy, allowing them to keep the keys to their existing house for up to two weeks after the sale had completed.
Mark O’Dwyer, sales director at Quickmove Properties, said: “A part exchange property transaction can eradicate some of the biggest issues associated with buying and selling property, particularly at present as the market has started to cool.
“Anyone with a property to sell risks losing out on their onward purchase while they find a buyer, and with house prices falling they also risk losing valuable equity for every month that they remain un-proceedable!
“That’s why PX is increasingly popular amongst those at the end of the homeowning cycle who are looking to downsize from bricks and mortar to a park home.
“They can move within a few weeks without the hassle of endless viewings and chains falling through.”
