According to part exchange provider Move with Us, the increase in the popularity of PX is a result of builders constructing more family-sized homes, which are popular with second-steppers and other home movers.
Using part exchange, a builder buys an existing homeowners’ property and sells them a new-build home, providing a guaranteed buyer and removing the potential for delays which arise from being tied up in a chain on the traditional open market.
The trade-off is that the seller will generally get less than the market price of their property, in exchange for the guarantee of a swift move.
Robin King, director at Move with Us, said: “One of the main benefits of PX has to be the certainty provided by having no chains at either end of the sale. Due to these factors house builders are building more family-style homes and creating a new PX trend.
“The significant growth of construction activity coupled together with government incentives such as the NewBuy scheme has also made new-build properties much more accessible at a time when mortgage approval rates have been low so it is no real surprise that PX has increased in popularity as more so-called second steppers look to move up the property ladder.”
