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A slowing housing market has led some vendors to look into the benefits of part-exchange, also known as PX among the UK’s housebuilders.
In recent years, tens of thousands of buyers have opted for part exchange - that is, trading in their homes to the seller of their new properties, in part payment.
The system allows greater certainty for buyers both in terms of finances and timing and is particularly attractive in today’s market when it takes an average of nine weeks to sell a property.
Typically, developers use PX to sell homes priced between £200,000 and £400,000.
Housemovers have no need to instruct an estate agent or engage with the palaver of viewings and being part of a property transaction chain.
However, those opting for PX will be offered less than the market value of their existing property, in return for the certainty of a sale.
Arriving at a fair PX sale price can be difficult. In today’s housing market an offer of over 85% of the value of a property could be regarded as acceptable. In a strong market 90% should be achievable.
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