Arley Homes has the ‘PX’ Factor
28th November 2011
Sell your own home within four days and avoid gazumping, gazundering and the new one, gazanging.
The current state of the property market has significantly increased the number of homeowners choosing to part-exchange their property according to leading North West housebuilder Arley Homes. More than half of all property sales across Arley’s Greater Manchester, Cheshire and Lancashire developments have come as a result of part exchange deals.
Uncertainty in the market is prompting the shift towards PX which could become the key to unlocking the current stagnation caused by lack of mortgage lending. PX removes the risk of losing out on a sale further up the chain, a very real consideration with the news that more than 54,000 cases of sellers pulled out at the last minute in just the first half of 2011 - so called gazanging.*
Jim Bowers, Arley Homes’ part exchange specialist, said the option was one solution to getting the post-recession market moving again. He said: “In the current climate it can take well over a year to find a buyer as opportunities to sell are so limited. Even if you are lucky enough to find one, this isn’t necessarily a done-deal as around a third of sales fall through due to vendors or buyers further up the chain pulling our at the last minute. The massive advantage of PX is you’re no longer reliant on the people you are buying from or selling to. Buyers can also avoid the cost and time associated with estate agent fees and viewings, and negotiating over offers.
“Although the concept is not new, we have seen a dramatic surge in the number of people recognising its value in recent years. This is undoubtedly due to poor market conditions, uncertainty and the lack of mortgage lending. Now we are seeing a change in buyer-attitude and greater understanding of the process, driven a the need to find an alternative solution to the traditional method of making one of the biggest purchase of your life.”
Part-exchange was first introduced in the 1970s and sees your existing home used instead of a deposit for a new property. While usually associated with commodities such as cars, it is in fact ideal for home sales as it provides buyers with a guaranteed deposit. Once customers have chosen the new property they would like to purchase, the Arley Homes scheme promises a valuation and offer within just four days. This method also allows buyers to address any time sensitivities they may have around moving, re-locating for a new job or if children are starting a new school for example.
“I’ve been in the business of selling new homes for more than 30 years and have long felt part-exchange offers buyers a great option. We know that buying a house can, at times, be a bitter-sweet experience because, although it is hugely exciting to be moving somewhere new, it can also be extremely stressful, especially when a chain breaks down and buyers are left bitterly disappointed. With PX we take away the time, cost and stress of selling your old home, enabling you to enjoy the purchase of your new one,” added Jim.
Arley has homes available under the part exchange scheme at The Meadows in Coppull, The Birches in Charnock Richard, The Maples in Fulwood, Knightswood in Cheadle Hulme, Dunham Chase in Altrincham, and Duxbury Manor in Chorley. For more information about Arley Homes’ part-exchange scheme or to arrange a viewing of your current home visit www.arleyhomes.co.uk or call 01925 651 155.
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