As many as one in 10 UK home sellers would consider a part exchange property transaction when buying their new home, research by Quickmove Properties reveals.
Having no chain, the ability to buy and sell in one move, quicker transaction times and no estate agent fees are just some of the benefits, according to Quickmove.
Despite this, it says only 6% of UK homeowners it surveyed had ever considered it as an option when moving house.
However, as many as one in 10 say they would now be open to the idea in current market conditions.
Part exchange schemes allow sellers to trade the value of their current home against a new home, with the property developer taking the place of the estate agent and buyer.
However, according to Quickmove, they only account for an estimated 2% of all new-build transactions – less than 700 sales a year.
Another benefit of part exchanging home sellers highlighted 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.
Quickmove Properties sales director Mark O’Dwyer, says: “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.”
