Part exchange is an extra string to the bow of the brand-new-homes market. A growing number of new homes are now sold this way. And what makes it so appealing? There's no chain ahead or behind you and no competing against other buyers to secure a particular property. Plus - there's a beautiful new-build home at the end of a simple buying transaction.
Is part exchange for you?
The amount you will be offered for your property will be discounted, that is to say lower than the open-market price, with the difference used to recompense the housebuilder who has to resell the property. In addition, the house being taken off your hands usually must account for no more than 70% of the value of your new purchase.
Savings on estate agents fees should be put into the equation. For those who cannot make the 70% to 30% balance, some housebuilders offer a chainbreaker scheme where, instead of buying your property, it purchases one further down your chain to break it - making it shorter and more likely to succeed.
Chain reaction - part exchange options
The Lanes at Queen Elizabeth Park is Laing Homes' semi-rural residential development in Surrey, set within 57 acres of parkland and designed around a central village green with tennis courts, a health and fitness club, a supermarket and a day nursery. Part exchange is available on many properties. Three- and four-bedroom semi-detached and detached homes are priced from £295,000. Also at Queen Elizabeth Park is Linden Homes, who is also offering a part exchange scheme at its Regents Circus development. Open-plan living and extra rooms on the third floor are just two of the features. Prices start from £360,000 for a semi-detached, three-bedroom home with galleried study.
You can also part-exchange at Michaelgate - a Stamford Homes scheme in the heart of Lincoln, with views of the famous Lincoln Cathedral. The two- and three-bedroom villa-style townhouses have balconies or open-air roof terraces, mezzanine floors and vaulted ceilings. Prices start from £209,995.
Miller Homes is offering part exchange at The Chambers in a leafy suburb of Redditch, an ideal commuter location for Birmingham and its surrounding areas. The properties in this gated cul-de-sac have traditional exteriors, Bosch kitchen appliances and fitted carpets - all in a landscaped garden setting.
I'll swap you
Those in the second-hand market can also avoid the property chain by getting involved in a house swap. Although it is a niche market, Nick Williams of swap company Quick Before It's Gone says that the number of properties for swapping placed on its site, as well as hits on the site, have gone up as the market has cooled down.
Property details and up to nine photographs can be changed as often as you wish, with the main house picture shown on a rotating basis on the home page. The price for the service is £15. There is also an automated email service to notify you of all possible house swaps throughout the country. Call Quick Before It's Gone on 01704 549 800, or visit www.quickbeforeitsgone.co.uk.