Part exchange proves popular for Miller Homes

With confidence returning to the property market, Miller Homes East Midlands has seen an upsurge in interest for Part Exchange as potential buyers look to avoid lengthy chains.

Here, regional sales director Joy Goodman, explains why an increasing number of people are opting for Part Exchange and offers advice to those looking to make a move.

"Moving house can be one of the most stressful life experiences and there is nothing more frustrating than needing to upgrade as your family grows, only to find that the search for your dream home is delayed as you struggle to find a buyer for your current property.

"When you are in a chain of buyers, that chain can so easily collapse and that dream home – together with hopes of family life in a bigger house - can seem further and further away.

"Part Exchange, which first surfaced in this country about 30 years ago, is an option that a handful of new homes builders provide, to varying degrees.

"In general, Part Exchange offers the guarantee of a buyer with a cash sale and removes the need for either a Home Information Pack or bridging loan.

"In addition, there’s also no extra expenditure on advertising costs or estate agents fees, making it an extremely affordable option.

"The fact that Part Exchange offers a relatively quick turnaround is highly attractive to buyers as it side-steps the potential pitfalls often associated with a long chain.

"And, with the recession still fresh in people’s minds, Part Exchange has become the ideal choice for those wanting to add more certainty to the moving process.

"Despite its obvious benefits, one of the most common concerns about the process is the fear that you will agree to Part Exchange your home, only to find that its value goes up soon afterwards.

"There are schemes available to calm these fears, and my advice would be to search for an initiative like our own Part Exchange Price Promise that guarantees a 100 per cent refund of the difference if your home is sold for more than the agreed price.

"All of the Miller Homes developments in Nottinghamshire have seen a notable increase in enquiries relating to Part Exchange since the start of 2010, but Sandhurst Gardens in Mansfield has certainly been one of the most popular.

"The development is in a prime location close to Sherwood Forest and near the bustling town centre, and is within easy commuter distance of Nottingham, Derby and Sheffield.

"Its location, coupled with a spacious, landscaped layout, attracts both couples and families, who are perfectly positioned to benefit from schemes such as Part Exchange.

"But even though it is a straightforward route, there are certainly a number of things that buyers need to consider when shopping around for the best Part Exchange deal:

• Check that the developer gets at least two independent valuations from members of The Royal Institute of Chartered Surveyors

• Make sure that the house you want to purchase is actually part of a part-exchange scheme

• Where part-exchange is offered, prices will vary depending on the property you wish to purchase and the property you have to sell. Make sure you

• Properly weigh up the price you are offered against how quickly you want to move

"Affordable initiatives such as Part Exchange have proved increasingly attractive to buyers and with their ability to help restore a degree of confidence and security in the housing market, I certainly foresee them being a prominent feature for years to come."

For more information on Miller Homes and the Part Exchange options available at developments across the East Midlands, including Sandhurst Gardens, visit millerhomes.co.uk/explore/eastmidlands.