The Hamptons Exchange, which launched in September 2008, has resulted in a number of successful property swaps. In the past three months, over £32 million worth of part exchanges have taken place throughout the country.
Hamptons say: ‘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.’
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 his own 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.
In the country market, 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.
Mark Anderson of Hamptons International says: ‘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.’
The agency has launched a dedicated microsite: Hamptons Exchange