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TODAY'S OTHER NEWS

Sequence agency chain links with part exchange service

The land and new homes division of Sequence has signed a deal to offer fully-funded part exchange and home buying services across the UK.

Sequence’s 14 brands operating in 320 branches can now offer Spring’s home buying service to customers to purchase their existing home and, following completion, Sequence will be instructed on the onward resale of the property. 

The deal follows a successful test programme, with a number of transactions completed.

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With £300m in annual home buying capacity, Spring says it’s the largest home buyer in the industry and is able to make an initial offer for most homes within 24 hours, completing in as little as seven days. 

Spring pays agents who refer customers to it, and will then instruct the agents to sell the property.

This new deal allows Sequence to offer fully-funded part exchange services to all of the new-build developers that it works with.

Jason Howes, Sequence managing director, comments: “We are always looking at ways to strengthen our service offering to our developer clients, and our partnership with Spring provides another solution to assist smooth transactions. It fills a gap in the market for those second steppers in particular, and who are looking to move up the property ladder, but who no longer fall into the lower Help to Buy thresholds.”

Spring recently recruited James Hogan from Leaders Romans Group as its new head of partnerships. He says: “This deal with Sequence represents a vote of trust and confidence in our model which can help agents across the country to drive sales.”

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    Drive sales, Part exchange? Not exactly good timing to launch this service given the market. I cant believe that any developer is using part exchange at the moment

  • James Hogan

    Part Exchange is certainly popular at the moment, Chris.

    In our experience the benefit of certainty that our Spring PX product offers applies to every market. Right now, for example, the open market is still not as reliable in terms of completion dates. We are finding that properties are going to SSTC quickly - but then stalling for many months due to conveyancing or lender delays. SSTC fall throughs are still at a high level when compared to historic trends.

    With Spring PX, the developer removes the fall through risk and time delays from their sales pipeline. This helps their cash flow and business planning and allows the developer to offer an enhanced customer experience where the customer can move at their convenience, with a flexible and convenient move date that they control.

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