Buyers turn to part exchange as demand for new homes continues to rise

Competition for new homes is driving an increase in the use of part exchange schemes by buyers desperate not to miss out on their dream property.

22/07/2016 - General

We have noticed the proportion of our customers using the Home Exchange incentive has risen significantly over the past year, with some developments seeing an uptake as high as 40 per cent.

Cutting out the hassle of trying to find a buyer for their property and avoiding costly estate agents’ fees are among the main reasons cited by customers for using the scheme, while we also believe that the relative lack of buoyancy in the second hand market has also encouraged buyers to hand over the task of selling to housebuilders such as ourselves.

Gary Crisp, our Regional Chairman, said: “The demand for new homes continues to outstrip supply and we believe this has been a major factor in the marked increase in customers using the Home Exchange scheme over the past 12 months.

“Seeing the purchase of your dream home fall through because of problems elsewhere in the buying chain is a heart-breaking prospect at the best of times, but even more so when competition for new homes is as intense as it is at the moment.

“The current state of the second hand market at the moment also means that buyers are recognising our Home Exchange as a convenient, low risk and cost-effective alternative to selling their old property themselves.”

Under the Home Exchange scheme, we will arrange for at least two local estate agents to evaluate a buyer’s current property and will then offer a fair price based on the average of those estimates.

The buyer can then reserve their new Bloor home, subject to contract, while enjoying support through the whole buying and selling process.