A NEW web-based matchmaking service for UK homeowners looking to sell their existing home and find another has achieved tremendous results since its launch at the beginning of February.

Swap-Homes.com has seen a total of £178million worth of property signing up for the service in its first week, including 27 estate agents and 673 properties ranging from a £123,000 home in Dartford, to a £1million plus property in Alderley Edge, Cheshire.

Peter Cooke, the man behind the idea, explains why the service is proving so popular: "People have been quick to spot the potential of the website, which is bringing a new dimension to the concept of finding a home online.

"Using the internet to sell property has been popular for a while, but Swap-Homes.com is a new way for people to buy and sell their homes. It eliminates the potential for a property chain, makes house sales much quicker and removes the element of stress which often accompanies a lengthy sale."

The Swap-Homes.com process acts in exactly the same way as a normal house sale, except the website finds appropriate matches which could provide the opportunity to literally swap homes, thereby enabling a quick and chain-free move.

Homeowners can register with Swap-Homes.com via their local estate agent or independently, and the database will identify possible homes which are available to swap.

Any difference in value between properties is met by a cash payment, and once a registration form has been completed the database is searched immediately to identify possible swaps.

The information is then made available to the home owner and estate agent or anyone else included in the registration details.

The Swap-Homes logo on property advertisements in the local paper also acts in the same way as a No Chain sign, the company claims, making the property for sale stand out against others in the same area.