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The housing market has got stuck in a rut and developers are keen to lever it out with a wide range of schemes. One of the most popular at present is part-exchange known in the trade as PX. Originally designed to break the chain, developers will buy your property in exchange for one of their homes.
As a rule, part-exchange is offered when the value of a chosen home is 25-30 per cent higher than your existing home. Valuations are made by local independent agents.
It's popular with anyone coveting a brand new home and wanting to secure it immediately. It also saves time, hassle and agency fees.
At Countryside's development on St Mary's Island in Kent, (part of the Chatham Maritime regeneration project) the idea has been taken to a new level with the marketing office carrying brochures for a range of second-hand, non-Countryside properties.
Managing director, Chris Crook, said: "We offer brochures on local homes because it provides cash flow and we don't mind if a buyer chooses to opt for that house instead of one of ours.
"Having resales on display gives the message that we don't just talk about this - it proves that we have a track record in this type of transaction. It also helps keep the buyer here a little longer. Generally part-exchange applies only if there is a 20 to 30 per cent differential in the price of the property you are buying. We do not accept everything and we do not take period properties because they are fraught with complications.
"The whole deal revolves around buyers being realistic about valuations. Everyone has become a property expert but the market has moved down."
Where the difference is less than 30 per cent, Countryside sometimes offers a 'chain-break' scheme. Instead of buying a property, they will buy another property lower down the chain to try and shorten or unblock the whole transaction.
For a growing number of Londoners disenchanted with city life and property prices, Countryside's development on St Mary's Island offers not only good value, but good transport connections, tranquil surroundings and waterside views such as that offered by the show apartment in The Fishing Village.
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The architecture uses distinctive roof elevations and coloured weatherboarding to create properties inspired by traditional Kentish fishing villages.
Olga Gusan used Countryside's part-exchange scheme, to upgrade from her two-bedroom property on St Mary's Island to a detached house in the eco-friendly Axis scheme. Ms Gusan, an office manager in nearby Chatham, said: "I saved myself a lot of time and energy. Moving house is associated with stress but my move ran extremely smoothly and I completed in less than three weeks."
PX or Smooth Move is available on the last remaining home at Axis, a four-bedroom detached house in the heart of the island and close to the primary school, local shop and doctor's surgery.
St Mary's Island is located off the A289 and is approximately one mile north of Chatham town centre. The M25 and A2 are also easily accessible. There are frequent train services to London Victoria from Chatham with a journey time of approximately 44 minutes.
Countryside Properties also has a large number of projects in the North-west with 110 per cent part-exchange deals on offer at developments in Lancashire and Cheshire.
Ian Kelly, Regional Managing Director, said: "Our 110 per cent part-exchange scheme gives customers more security as they feel their properties are being down-valued at present. So not only are we giving them a guaranteed buyer, no estate agent fees and a quick completion, we're essentially giving them 10 per sent more than the valuation of the property."
Tina Davenport and Dave Dawson used the PX scheme to buy at Sadlers Park, in Burslem, Stoke, while trying to plan their wedding, as it helped take some for the hassle out of their lives. Prices at Sadlers Park start at £174,950 for a three-bedroom townhouse.
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