Lifeline for first time buyers in Chadderton

Mon, Jun 23rd 2008, 11:30

With average house prices out of reach for first time buyers in 96% of UK towns it’s harder than ever to get onto the property ladder* – but here’s news of an incentive in Chadderton, near Oldham which could throw would-be home owners a much needed lifeline.

A stylish one-bedroom apartment at Redrow’s Spinners Mews that would normally cost £89,950 can currently be snapped up for just £67,450 – with the balance not having to be paid for 10 years.

Patsy Aicken, sales director for Redrow Homes (North West), says: “According to the annual Halifax First Time Buyer Review, people taking their first step onto the property ladder cannot even afford to purchase a terraced property – traditionally the least expensive property type - in 71% of towns across the UK, so is it any wonder that so many young people are putting off that first step onto the property ladder?

“Now though, Redrow’s easi-buy scheme is making home ownership more accessible to first time buyers in the Oldham area; allowing them to own 100% of their home today whilst deferring 25% of the cost to a time when they have more funds available.

“Not only will the customer legally own 100% of the property from the outset, they will not have to pay rent on the deferred element. And there’s more good news in that the outstanding cost will reduce on a sliding scale if they repay it within the first three years.

“On an £89,950 property at Spinners Mews, for example, if they find themselves able to settle the 25% deferred payment within the first year they could potentially save a massive £9,000 on the overall property price.”

Redrow’s new offer is subject to terms and conditions. The 25% deferred element is paid back at market value at the time of payment, which could go down as well as up.

Redrow ‘easi-buy’ is the latest in a number of incentives offered by Redrow under the badge of ‘re:assure’, all of them designed to make moving as easy as possible from the moment of first enquiry right through until after the customer has moved in.

The option to own 100% of a brand new home at 75% of the price is available on selected properties at Spinners Mews, off Fields New Road, a development with easy access to local amenities in Chadderton and good public transport links for both Oldham and Manchester city centre, as well as being close to the rolling foothills of the Pennines.

For more details of the development and its apartments call 0161 620 9798 or log on to www.redrow.co.uk/developments/view/174.