Downsizing couple and first-time buyers bypass estate agents to SWAP homes
A DOWNSIZING couple have permanently swapped their three-bedroom home for a young family's two-bedroom house in what could be a UK first.
David West and his wife Margaret were thinking of buying a smaller home and ended up exchanging properties with a couple who needed something bigger for them and their toddler.
Mr West, a duty manager at a student residence, listed his £189,000 three-bedroom detached family home in Kinross on the HouseSimple website in May of this year.
John Davie, who lived just five minutes drive away, spotted Mr West's house online and put in a request to visit the property as he was looking for a larger home for he and his wife Kelly and their two-year-old daughter Lucy.
While looking round the house Mr West mentioned he and his wife were thinking of downsizing as their two adult daughters were leaving the family nest.
When Mr Davie, a data analyst, mentioned he had a £135,000 two-bedroom semi-detached house they had not put on the market yet, Mr West suggested the idea of a home swap.
He and his wife then viewed Mr Davie's house and both couples put in offers on each other's properties.
The Davies paid the Wests the £55,000 difference between the two homes and the couples swapped properties on October 12.
Mr West said: "We put our house up on HouseSimple as it was the cheapest way to list our home, and had used the site previously for renting so knew the interface well.
"The house swap allowed us flexibility on the move date and enabled us to solve moving-in issues such as finding the stop cock when I needed to isolate the water in the bathroom, and the knack to locking the patio door."
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How to get help buying a house
THERE are several government schemes available to help you get on to the housing ladder.
- Help to Buy loan: This scheme is for those who have a 5 per cent deposit, and is only available on new-build properties that are worth less than £600,000. The government lends you up to 20 per cent of the property value (interest-free for the first five years) which gives you access to cheaper mortgages. You will need to pay this back at the end of the mortgage or when you sell.
- Starter Homes: First-time buyers under the age of 40 can access this new scheme. You’ll get a 20 per cent discount on the market value of the property (new-build only) but you cannot sell or let the property for five years after you buy it.
- Shared ownership: This scheme is available to non-homeowners who earn £80,000 a year or less (£90,000 in London). People can buy a share of a home from a housing association and continue to rent the remainder. Buyers will need a ten per cent deposit as well as money to cover stamp duty and other fees. You’ll also need to find a mortgage lender that is willing to lend on shared ownership properties.
Mr Davie added: "The house swap made perfect sense as both our properties had what the other wanted.
"The process of finding David's house online made it convenient to find the property we wanted."
HouseSimple said the two families had made UK house purchasing history.
Sophie Gosling, co-founder of HouseSimple, said: "David and John have provided a glimpse into the future of home buying.
"Our service has meant that John could easily find David online, and we're really happy for them and their families that they have found their dream homes in time for Christmas."
SAFE AS HOUSES House prices are rising at the fastest rate since January, says Halifax
This comes as house prices have risen by 2.4 per cent over the the last three months making it the fastest rate increase since January.
The average price of a property in Britain is now £226,821, compared to £219,741 in January 2017.
That means house hunters are looking at forking out an extra £7,080 than they would have done at the beginning of the year.
The Chancellor's decision to scrap Stamp Duty for first time buyers is expected have an impact on the housing market, but the Office for Budget Responsibility warned that it would push house prices up by 0.3 per cent.
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