27 July 2026
Vistry completes sale of major national part exchange property portfolio to Spring
Vistry, the UK’s leading provider of mixed-tenure homes, has completed a major part exchange portfolio transaction, selling 68 homes to national homebuying and part exchange company Spring for more than £15 million. The transaction supports the Group's continued focus on capital efficiency, cash generation and operational discipline.
Part exchange remains an important sales tool, helping customers who wish to move by acquiring their existing home, allowing them to make their onward move to a new Vistry development. The portfolio consists of these homes spread across the country.
Housebuilders adopt a range of approaches to managing part exchange properties depending on their operational and capital priorities. In this instance, Vistry identified an opportunity to accelerate the conversion of a portfolio of completed part exchange properties into cash, releasing capital for reinvestment across its core business activities.
By acquiring the portfolio, Spring provided Vistry with certainty of execution and an efficient route to monetising a diverse group of completed properties. The transaction supports Vistry’s balance sheet and capital allocation objectives, while allowing the Group to maintain its focus on delivering new homes.
Michael Stirrop, Chief Commercial Officer at Vistry, said: “This transaction provides a clear route to unlocking value from a large and diverse portfolio, while simplifying our operational position. Partnering with a specialist like Spring enables us to move decisively at scale, reducing complexity and creating greater flexibility in how we deploy capital across the business. It is a practical example of how we are evolving our approach to support both near-term delivery and longer-term growth.”
Spring is the UK’s largest home buying and part exchange firm, specialising in supporting the housing industry with the acquisition, management and onward disposal of residential properties. This is driven by focusing on speed, certainty and efficiency which translates into market liquidity.
Shane Miller-Bourke, Co-CEO of Spring, adds: “This major transaction, our first with a PLC, provides vital liquidity and certainty into an area of the market that can otherwise tie up capital for extended periods. By acquiring portfolios at scale, we enable housebuilders to accelerate cash conversion, reduce operational drag and reinvest with confidence in delivering new homes. Ultimately this helps support a healthier, more functional housing market overall.”
As investors continue to focus on cash generation, return on capital employed and balance sheet strength, housebuilders are increasingly considering a range of approaches to optimise working capital and capital allocation. Transactions such as this can provide an additional source of flexibility where they support a company’s particular objectives and circumstances.
For Vistry, the transaction represents a practical example of proactive capital management, supporting its long-term strategic priorities while maintaining the customer benefits that its part exchange proposition provides.
Property services group Move With Us, part of Simplify, acted as introducer to the transaction.