The service is designed to help create chains linking like-minded sellers together.
The Hamptons Exchange works 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, a vendor at the top of a property chain may want to off-load a mortgage and as a result buy the property at the bottom of their chain or somewhere along the chain to get it moving.
The concept also works successfully for people who are looking to release equity from their property. For example, if a vendor owns a £2m house and wants to release equity or downsize they could speed up the whole process by acquiring a £500,000 house impeding the chain below.
Hamptons says that 85% of house sales in England and Wales take place within a chain, making it likely that the majority of buyers and sellers will be part of one at some point.
Mark Anderson, managing director of Hamptons International says: “One of the main reasons for the faltering market is that many buyers are waiting until they have found a buyer themselves before they start looking for a property. This is causing a major blockage within the whole process.”
He says the system addresses the blockage and presents an alternative way for the market to operate – actively encouraging chains to be formed and movement to take place.
Anderson adds:”It will benefit all sellers within the chain – whether at the top or bottom end of the price spectrum and ultimately fast-track the chain process which is often complicated, costly and problematic.”
The Hamptons Exchange will operate from September onwards and is available across its network of 85 branches.