Cooling market means one in 10 dwelling sellers could be blissful to half change

The newest analysis by Quickmove Properties has proven that with the property market cooling, as many as one in 10 UK dwelling sellers could be extra inclined to an element change property transaction when shopping for their new dwelling.

It permits them to bypass the more durable open market circumstances brought on by dwindling purchaser demand ranges and a extra risky transaction timeline.

No chain, the flexibility to purchase and promote in a single fell swoop, a faster transaction time and no property agent charges – these are simply among the advantages that include an element change property sale. Advantages that may be warmly welcomed by dwelling sellers searching for peace of thoughts in common market circumstances, not to mention at current with purchaser demand dwindling and market volatility on the rise.

However regardless of the advantages of half exchanging, simply 6% of UK owners surveyed by Quickmove Properties had ever thought-about it as an choice when shifting home.

Nonetheless, as many as one in 10 stated they might now be open to the concept in present market circumstances, with the flexibility to keep away from the dreaded chain being essentially the most interesting issue, in addition to the flexibility to purchase and promote in a single transfer and the velocity, certainty and safety {that a} half change brings.

Half exchanging is commonplace in lots of different areas of life resembling shopping for a automotive and regardless of a ignorance amongst UK owners, it’s not fully alien inside the property market.

In reality, half change schemes permitting sellers to commerce the worth of their present dwelling towards a brand new dwelling are already established inside the new-build sector, with the property developer taking the place of the property agent and purchaser. That stated, they do solely account for an estimated 2%* of all new-build transactions, which equates to lower than 700 gross sales a 12 months.

Half exchanging is extra commonplace inside the downsizing sector as a option to launch beneficial fairness and transfer inside weeks. Perception from property half change specialists Quickmove Properties reveals that half (51%) of their park dwelling purchaser clients opted to half change their bricks and mortar dwelling when buying their park dwelling.

The most important attraction of doing so meant they may keep away from coping with property brokers and solicitors, whereas the comfort and velocity additionally ranked excessive.

One massive good thing about half exchanging that additionally resonated with dwelling sellers was the flexibility to safe a licence to occupy, permitting them to maintain the keys to their present home for as much as two weeks after the sale had accomplished, giving them loads of time to maneuver into their new park dwelling.

Gross sales Director at Quickmove Properties, Mark O’Dwyer stated, “An element change property transaction can eradicate among the largest points related to shopping for and promoting property, significantly at current because the market has began to chill.

Anybody with a property to promote dangers dropping out on their onward buy whereas they discover a purchaser, and with home costs falling in addition they danger dropping beneficial fairness for each month that they continue to be un-proceedable!

That’s why PX is more and more standard amongst these on the finish of the homeowning cycle who need to downsize from bricks and mortar to a park dwelling. They’ll transfer inside a couple of weeks with out the effort of limitless viewings and chains falling by.

We’re celebrating our twenty fifth anniversary at Quickmove Properties this 12 months and as one of many main property half change suppliers, we’ve accomplished 6,050 half exchanges price in extra of £1.18bn throughout our time.

In our survey 8 out of 10 park dwelling consumers utilizing Quickmove Half Change stated they might advocate it to others, so within the present market an element change may very well be simply the ticket to bypass cooling market circumstances and safe a fast and sure transfer.”