The total number of new homes completed in 2010 will struggle to get far beyond 80,000, but there were 13,732 part exchanges by homebuilders during the year, suggesting one buyer in every six or seven handed over their own home and arranged a mortgage to bridge the gap as they moved into a new home.
Figures from Part Exchange Hub, part of the estate agents LSL Land and New Homes division, show developers had 1,060 second-hand homes on their books at the end of December - up 12% on the 930 figure recorded at the end of 2009.
Ian Long, managing director of St Trinity Asset Management, an LSL subsidiary specialising in part exchange, says: "With an easier sale possible, no estate agency fees and no chain on the new home, part exchange is once again the most popular incentive for home movers looking at new-build homes.
But Mr Spencer said those part exchanges were worthless.
"If people already had time shares, they would be offered tempting, generous, part exchange allowances."
A STUDY of customers buying the Mitsubishi Lancer Evolution X since March has shown that 38% of the part exchanges offered against the Twin Clutch SST model have come from premium German brands, while a third have been from other Japanese brands.
A further 19% of part exchanges came from Audi, BMW or Mercedes-Benz and a fifth from other Japanese manufacturers.
Equity release part exchanges are proving to be a big hit with homebuyers on Tyneside, as housebuilder William Leech 55+, which builds homes for the over 55-year-old market, has witnessed a surge in sales at its Gateshead development since launching the incentive.
One of the first developers in the UK to offer the service, the equity release part exchange works like a normal exchange except instead of using the property as collateral to buy a larger home, William Leech is allowing homebuyers to cover the cost of their smaller apartment and then reimbursing the remaining cash to be spent or saved.
Using the equity release part exchange, they now live in a two-bedroom apartment on the development which they bought for pounds 132,000, meaning they received a cash payment of pounds 31,000.
For details of part exchanges at Stakeford, tel (01670) 825974 or see www.bett.co.uk
However, with part exchange that is all changing and it's possible to move house with minimal stress and trouble in just six weeks.