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NewBuy Part Exchange launched to reboot sticky housing market
Househunters will be able to sell their existing home to a NewBuy builder in advance of buying a new home from the same company under a scheme launched today.
Under the NewBuy Part Exchange, many of the 60 NewBuy builders will be able to offer to buy the customer’s existing home in advance of selling them a new one, after lenders agreed to the scheme.
Home Builders Federation executive chairman Stewart Baseley said: “Allowing people to part exchange their existing homes and buy a new one using NewBuy will also be a huge boost for those families stuck in their existing homes, unable to sell and without the required deposit to move”.
Under the government-backed NewBuy scheme, buyers can put down a 5% deposit on a new build home. Since it was launched in March, 3,000 people have reserved homes.
Council of Mortgage Lenders communications manager Bernard Clarke described the agreement with NewBuy developers as a mechanism to help home movers complete a sale: “Our members have agreed to this modification and we hope that will help to build on the success of the scheme and allow more customers to enjoy the benefits of a new build home.”
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