In a landmark deal, residential home buying service Spring has signed a national partnership agreement with national estate agency network Sequence’s Land & New Homes business to offer fully-funded part exchange and home buying services across the UK.
Sequence Land & New Homes can now offer Spring’s guaranteed home buying service to its customers to purchase their existing home and, following completion, Sequence will be instructed on the onward resale of the property. The deal follows a successful test programme, with a number of transactions completed.
With £300 million in annual home buying capacity, Spring is the largest and most dependable Home Buyer in the industry and is able to make an initial offer for most homes within 24 hours, completing in as little as seven days. Spring enables partner agents to earn two sets of fees; initially when referring customers to Spring and then following completion, when Spring will instruct them to then sell the property.
The deal will also allow Sequence to offer Spring’s fully-funded part exchange services to all of the new-build developers that they work with, providing a one stop solution to drive sales for developers who don’t offer their own in-house part exchange. Spring PX allows unproceedable purchasers who have found their dream new build home to buy immediately.
Spring will purchase the buyers’ existing property, removing the hassle and delay of waiting to sell their old home. After a successful trial with Antler Homes, Latimer Homes and North Bar Homes this scheme is now being introduced to developer clients of all sizes, right across the UK.
Spring recently recruited industry heavyweight James Hogan from Leaders Romans Group as its new Head of Partnerships. He comments: “This deal with Sequence represents a vote of trust and confidence in our model which can help agents across the country to drive sales.”
Cormac Henderson, CEO of Spring, comments: “Even in a hot market, Spring can step in to fix broken chains and ensure a seamless transaction that gives consumers the freedom to make their onward move, ultimately boosting revenue for partner agents. For developers, our service provides certainty for their sales pipeline and allows them to focus on what they do best - delivering new homes.”
Jason Howes, Sequence Land & New Homes Managing Director, comments: “We are always looking at ways to strengthen our service offering to our developer clients, and our partnership with Spring provides another solution to assist smooth transactions. It fills a gap in the market for those second steppers in particular, and who are looking to move up the property ladder, but who no longer fall into the lower Help to Buy thresholds. Spring is a good proposition to get the housing market moving, speeding up the process by enabling buyers to become ‘proceedable’ and providing certainty to all parties.”
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