Growing number of retirees use part exchange to downsize

Jessica Nangle

November 15, 2017

Part exchange is a growing option for retired people looking to downsize, Spicerhaart Part Exchange and Assisted Move has revealed.

McCarthy & Stone report that almost half of all pensioners are considering moving to a smaller home, with older people choosing either new build properties or sheltered accommodation as their downsizing option.

This comes as Spicerhaart Part Exchange and Assisted Move saw a big increase in the past 12 months of people using property part exchange to help them move, where an exchange of contracts on both the existing property and the new one will usually occur in under 28 days.

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Spicerhaart Part Exchange typically works with the retirement home developer to help people to sell their existing properties quickly and partners with a number of property investors who guarantee to buy the retired person’s property regardless of condition.

Neil Knight (pictured), business development director of Spicerhaart Part Exchange & Assisted Move, said: “Selling a house is often quoted as the second most stressful event in someone’s life after divorce, so it is no surprise that anything that makes this process easier is welcomed with open arms.

“This is particularly the case with the older age group many of whom are less able to cope with the stresses and strains of negotiating with estate agents, potential buyers viewing their family home and the long drawn out process of offers that may then fall through.”

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