Number of house swappers 'rising'

Published 15th Apr 2009

The number of house sellers looking to swap as a means of selling their properties has risen since the start of the year, say classified ads websites.

In the first quarter of 2009, the number of new ads for home swaps on Viva Street was 562, up 32% on the previous quarter and 209% on the year.

Viva Street said swapping could work in the current "stagnant property market".

Meanwhile, rival website Gumtree said its house swap ads increased by 12% to 2,152 in the year to February 2009.

And there are now 973 properties listed on VivaStreet seeking swaps, from 180 a year ago.

The increase in the number of properties available to swap come as there were 42,000 house sales completed in February this year, half the level seen a year previously.

Value issues

For swapping, there is the benefit of moving house without the problems that being in a chain can bring.

It may also be possible to save money on estate agents' fees.

"With few genuine buyers on the market, this is a distinct advantage for motivated sellers who are keen to avoid the uncertainty and pitfalls associated with being part of a chain," said Viva Street.

However, there are some things to keep in mind for those looking to swap.

It is essential for both swappers to be happy that their houses are of an equivalent value.

However, if one swapper is trading up and the other down, then it is essential to agree the amount of the balancing payment that the owner of the less expensive house will pay to the owner of the more expensive house when the properties are swapped.

Source: ' BBC '

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