Hamptons International Exchange Game: Do you Fancy Swapping?
Scheme provides hope for sellers with over £32 million exchanges
since launch
London, 17th December 2008 - Hamptons International, one of the UK’s
premier residential agents and a subsidiary of Emaar properties, has
witnessed a strong response from buyers and sellers since the
inception of the “Hamptons Exchange” in September 2008 – a scheme
designed to help reinvigorate the stagnant property climate in the
UK.
Since its launch, Hamptons International has secured over £32
million pounds worth of part exchanges across the Country,
demonstrating the value of and requirement for innovative solutions
during challenging market conditions.
With 85% of house sales in England and Wales taking place within a
chain, the new exchange scheme has helped by offering those who are
struggling to move the opportunity to free their property chain
through part exchange, or by facilitating a buyer for the property
at the bottom of the chain.
The concept has worked successfully in a number of different buying
and selling scenario’s, from enabling buyers at the top of a
property chain to speed up the selling process by releasing equity
and acquiring a £500,000 house impeding the chain below, to families
swapping homes to meet their upsizing/downsizing needs.
The increase in part exchange business confirms the pent up demand
within the current property market, with numerous buyers and sellers
across the UK and overseas held up by conditions often out of their
control.
Hamptons International customer Emma Gray owns a property in France
which she is keen to sell – potentially via a house swap or part
exchange. The property was initially intended to provide additional
income as a holiday let during this time, however, as work and
domestic priorities changed, visiting the house became increasingly
challenging. As a result, Ms Gray has now decided she wants to be in
the UK and so is trying to sell and it has not been easy so far.
According to Gray, “While I am keen to sell I am aware the current
market is torrid for many people looking to move. I've already
looked into house swaps or part exchange but no other UK estate
agency appeared to have a system which could assist me as my
property is based outside the UK. I am sure there are people in the
UK keen to make a move overseas and this system alleviates
difficulties by providing my home with exposure to a UK audience
with a view to hopefully finding me a buyer and a new home at the
same time.”
The success of the programme can be also seen across both London and
Country, with vendors able to exchange and to move forward with
their lives.
London
A number of exchanges have taken place across the Capital. For
example, an owner of a riverside flat in Putney, South-West London,
received offers around £900,000 on an asking price of £1.25 million.
One potential purchaser had a flat valued at £645,000 and the swap
was agreed when he accepted a revised valuation of £500,000 towards
a £1.1miillion price tag on the pricier property. Both parties were
pleased with the outcome and as a result there was no chance of the
sale falling through, which can be common in today’s marketplace.
Home Counties
Hamptons International has completed several successful swaps in
this region.
Swaps in the region include a client selling a farm for
approximately £1 million swapping with a couple who had a cottage on
the market at £750,000. Other swaps include property in Alton in
Hampshire, and Richmond Park in Surrey. The former involved a direct
swap between vendors selling at £395, 000 and £240,000. The latter
was a swap between a developer with a £4.5 million home who accepted
a £2.5 million home from his buyer, therefore unlocking some cash.
In Caterham, Hamptons International registered a client with a
property valued at £825,000. The client was buying another property
privately at £2 million. Hamptons found a buyer for his £825,000
property; however this purchaser could not sell his £400,000 house.
As a result, the client at the top of the chain bought the £400,000
house to complete the chain. By purchasing the £400,000 property,
the client was able to free up some capital for the £2m property
purchase and then could then rent the smaller property.
Following the increased demand for part-exchanges, Hamptons
International is launching a dedicated website with details of all
properties available within the system, with users able to search
either by property or by vendor. The website will open up new
opportunities for all Hamptons International customers and it is
free to register.
Mark Anderson, managing director – Hamptons International comments,
“More and more agents and developers are cottoning on to the fact
that long-haul survivors in this market will be the ones developing
creative solutions to invigorate the market. The Hamptons Exchange
is the first concept of its kind by a leading UK agent and we are
delighted with its success.”
Email:
jorgensenj@hamptons-int.com
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