Part-exchange proves popular for Miller Homes East Midlands

With confidence returning to the property market, Miller Homes East Midlands has seen an upsurge in interest for Part-Exchange in Leicestershire 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. In doing so, Joy offers advice to those looking to make a move and reveals why Melton Mowbray in particular is a Part-Exchange hotspot.

"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 of a family home for life 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 a bridging loan.

"In addition, there is 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 Leicestershire have seen a notable increase in enquiries relating to Part-Exchange since the start of 2010, but Cleves Place in Melton Mowbray has certainly been one of the most popular.

"Cleves Place, set near the bank of the River Eye, has a range of two, three and four-bedroomed homes, with prices ranging from £179,950 - £234,950.

"It is positioned just half a mile from the picturesque centre of Melton Mowbray, close to several highly-rated schools, whilst also benefiting from excellent transport links to nearby Leicester, Loughborough and Nottingham.

"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 agents who are 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, visit: millerhomes.co.uk