Part-exchange scheme for Britons moving to Spain

Permalink: Part-exchange scheme for Britons moving to Spain
by Kay Murchie

McInerney Homes have launched a part-exchange deal that will assist Britons who wish to move to Spain. It is thought to be the first scheme of its kind and homeowners can swap their home in Britain for villas near Marbella.

Statistics show that roughly 160 British homeowners relocate to Spain each day and it is anticipated that the scheme from McInerney’s will provide a speedier move for those wishing to relocate to Spain.

McInerney Spain’s managing director, Desmond O’Connor, said that their purpose is to buy the seller’s current home, leaving them free to sign for their new home. Mr O’Connor added that the seller takes ownership of their new home in Spain and McInerney takes possession of their old home. A number of properties in Spain have been assigned for this scheme.

Part-exchange deals are becoming increasingly popular in Britain lately as the property market has slowed. However, a quick sale is likely to result in a lower price, even if the seller can avoid paying an agent’s commission by dealing direct with the buyer.

Overseas property portal, Kyero.com, said that average property prices in Spain increased by 1.4% in September. There have been reports of price declines in many Spanish cities and there are fears that the market may be in trouble, however, during September, the country overall noted price increases.

A spokesperson for Kyero remarked that the Spanish property market has had a tough 12 months but prices are stabilising and resembling 2006 levels.

While mainland Spain saw prices increase by a modest 2.6% last month, price falls were noted elsewhere. In September, Gran Canaria saw prices fall 2.6%, while Majorca noted falls of 16.7% in the last year while Lanzarote has noted prices fall of 33.1% since 2005.

The average price for a property in Spain increased to £172,640 in October.