Developers often offer part-exchange house options as a means of selling their own properties.
It can be a great way of avoiding the hassles that come with selling on the open market.
One of the downsides, however, is that the developer will reduce the purchase price to 85% of the property’s value. Then there’s also the issue of the ‘new build premium’ where homebuilders often charge more than the general market value in the local neighbourhood.
It may be worth considering being patient and selling through our estate agent or auction house to get a better price. You can then either buy the new build property and have money left over or see what other homes are available.