A service which describes itself as an alternative to part exchange has been launched to facilitate sales to ‘corporate property buyers’.
It’s called To Move Now and says it is a valuable help in markets like today’s; it claims downsizers in particular are struggling to sell currently, especially if their homes are valued over £500,000.
It says the average sale time of homes over £500,000 has more than doubled from 67 days in 2016/17 to 151 days in 2017/18, with “vulnerable chains and the slow second hand market” restricting sales rates.
To Move Now works like this. Firstly, the company says it has set up a portal which connects house builders whose purchasers have properties to sell with a panel of corporate property buyers.
Secondly, members of the panel then have 48 hours to bid to buy the second-hand properties directly, so the developer can sell its new homes without being exposed to chains or taking on part exchange stock.
Finally, the house builder is presented with the highest offer for discussion with the purchaser. If a sale is agreed, exchange can usually take place within 28 days subject to a RICS report.
The To Move Now website suggests the corporate buyers are 'quick purchase' operators. It says: “We have direct access to major property trading companies who bid for subject properties through our unique platform. Carefully selected for their service excellence which embraces a culture of treating customers fairly, they have helped thousands of people buy their home of choice by purchasing their existing property quickly and without fuss.”
“Part exchange is a tried and trusted system, but it does not fit every scenario. For example, Help to Buy can be used in conjunction with our service, whereas government rules prevent the scheme from being used with part exchange” says To Move Now director Chris Taylor
“Our service works for people moving up, down or sideways and operates throughout mainland UK, so is not restricted by geography. We work with new homes developers of all sizes, retirement living providers and estate agents. The whole process is transparent, with no charge to the developer or its purchaser” he adds.