Part Exchange Introduction
New For Old: Part-Exchange is the Way to Get Moving
As has been widely reported the housing market is going through a slow down in 2008. Prices are falling and there has been a steep decline in house purchase transactions over the last half year. As a result of falling demand from first-time buyers, higher mortgage rates and tighter lending criteria, the number of mortgages approved for house purchases has fallen to record lows.
According to Hometrack, the scale of the downward pressure on prices is highlighted by the proportion of the asking price being achieved - this has slipped from 93% to 92.3% in May 2008 and is now at the lowest level since the survey began in 2001. The latest survey also shows an increase in the time taken to sell a property which now stands at 9.8 weeks, up three weeks from 5.8 weeks in May 2007.
Move Quickly with Part Exchange
If the prognosis is not good for selling privately as appears, and you wish to or have to, fear not. Part-exchange could yet be the option to ease your anxiety. A scheme offered by new homes builders, part-exchange couldn’t be more straightforward and enables you to move quickly, as you won’t be in a chain, and can save you money too – because there are no estate agent’s fees to be paid by you. In addition, some housebuilders will provide the Home Information Pack (HIPs) now being required to market all properties, saving you further cost.