Nationwide's figures showed that house prices rose by 0.5 per cent in November, the seventh consecutive rise this year. But in some parts of the country, notably outside of London and the South-east, there is little or no movement in the housing market. According to the November property price index from website Findaproperty.co.uk, while London saw a rise of 0.3 per cent, the North-east saw a dip of 2.1 per cent and in Scotland prices fell by 0.8 per cent.
"Housing markets can perform very differently on a regional basis. The fact is that the housing market is still operating at very low levels and so some will find that selling a property is something of a struggle," says David Hollingworth from mortgage broker London & Country.
In his pre-Budget report, the Chancellor announced the decision not to extend the stamp duty holiday, a real concern for first-time buyers. With the stamp duty threshold due to be lowered from £175,000 back to £125,000 in January 2010, and mortgage companies still insisting on strict lending criteria and huge deposits, many are finding it impossible to get their foot on the property ladder. This in turn will have an impact on homeowners who rely on first-time buyers to keep the housing market ticking over.
Until the market has been revived all over Britain, some homeowners will be forced to look to alternative ways to sell their home quickly. One such alternative is house swapping. Sites such as Swapproperty.co.uk and Easyhouseexchange.com offer what has been labelled a property "dating service", by attempting to match homeowners wanting to sell their home.
Homeowners simply upload details and pictures of their property, and once the information has been added to the websites database, they will automatically match sellers with corresponding requirements. The theory is that swappers are able to take out the middleman and secure a mutually beneficial swap quickly and effectively. They can bypass the market and avoid paying estate agency fees, which can be up to 3 per cent. There is no chain to rely on as homeowners are contacting each other directly for a swap, so there is far less risk of a sale falling through. Estate agents aren't completely out of the picture either, and many have embraced the movement, using swapping sites to market the property on their books more widely, and if a swap goes ahead they can still claim their commission.
For homeowners who need to relocate but are hesitant to sell, Easyhouseexchange has also introduced a temporary exchange option. So, as well as permanent house swaps, members can arrange rental swaps without selling and losing out on the value of their property.
"Easyhouseexchange.com is still listing properties from Monaghan to Nottingham, East Lothian to London, and we continue to offer a rental swap scheme which is outside of the home information packs (HIPs) criteria," says Richard O'Driscoll, the director of Easyhouseexchange.
However, these services do not come free. On Easyhouseexchange.com it costs £29.95 per property to advertise, although this does not expire. On Swapproperty.co.uk there is no up-front fee to pay; instead they charge a completion fee of 1 per cent of the final sale price. This will obviously work out to be much more expensive but is payable only upon a successful sale, swap or part-exchange.
Fees aside, all the usual responsibilities apply if a permanent swap is given the go-ahead. If both parties are up for the swap they must get the financing and other practical issues resolved. As with a normal house sale there is stamp duty and legal fees to pay and both homeowners should have a full survey. If there are mortgages involved, technically both homeowners must be able to pay it off, but in reality, most lenders should allow a transfer from the old property to a new one. Any difference in price between the two properties must be met with either a cash payment or new financing from the mortgage lender.
"Swapping property is still a sale and purchase so the usual rules will apply in securing a mortgage, and any lender will want a valuation. It still makes sense to have a survey to satisfy yourself that the property is problem-free," says Mr Hollingworth.
HIPs are still required, so swappers still need to fork out anything from £300 to £600. Price comparison website Reallymoving.com may come in handy to compare HIP provider prices. Swappers cannot escape stamp duty either because these sites feature second and third-time buyers who, on average, own properties valued above the stamp duty threshold.
Above all, the biggest obstacle is that the chances of a successful swap are very slim. Despite the increased popularity, there still aren't nearly enough properties available for a swap on these sites. Without a vast number of houses to choose from the probability of a perfect match is low.
"I think that if you're finding it hard enough to sell in this market, when you consider the chances of finding the house that you want to move to and add to that the probability of the owners wanting then to buy your house, statistically the chances of success are remote," says leading property commentator Henry Pryor.
Beyond property swaps, there are alternatives for homeowners looking for a quick sale, including auctions and sale and rent back schemes.
Sale and rent back schemes are aimed at homeowners struggling to pay off their mortgage and facing repossession, inviting them to sell their property at a discounted rate to a company then rent it back at market rate. These schemes have been criticised for paying between 60 to 70 per cent of market value and providers can give their tenants (the former owners) notice to quit of they want to sell.
Auctions are less controversial, but again, they are unlikely to achieve the best price for their property. "If you are a motivated seller, an auction can give you closure but as statistics will tell you, the price you achieve is invariably less than a private sale value," says Mr Pryor.
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