Momentum gathers behind ‘Debut’ solution for first time buyers

Thu, Feb 16th 2006, 11:00

Plans to bring low cost homes for first time buyers to South Wales have been given a major boost by the reaction to Redrow’s innovative Debut range in other parts of the UK.

Schemes in Ebbw Vale and North Cornelly, near Bridgend, are currently at the planning stage and Redrow’s hopes have been fired by news that over a hundred potential purchasers have signed up for Debut homes in Bristol that haven’t even been built – or got planning permission.

At the same time, councillors in North Wales have just given planning consent for 97 Debut homes in Flintshire, the first in Wales – and Redrow has been inundated with calls from hundreds of would-be buyers.

Glyn Mabey, managing director of Redrow Homes (South Wales), based in Cardiff, comments: “All of this reinforces our belief that there is real demand for this type of accommodation from young first time buyers for whom there is little or no alternative to get onto the elusive property ladder. All of the signs are that they love the look and feel of these homes and the ‘campus style’ living which encourages community interaction.

“We have already taken registrations against over 40 of the proposed 117 plots at Ebbw Vale – which is a real commitment from people to buy these properties if and when planning permission has been granted.

“At the same time we are appealing a decision by Bridgend County Borough Council to refuse permission for 95 Debut homes at our Dôl Gorwel development in North Cornelly.”

Both the Ebbw Vale and North Cornelly schemes have already won the backing of the Design Commission for Wales, who have “warmly applauded the concept of providing good affordable housing for first time buyers”.

And further praise for Debut came from the judges of the annual awards scheme run by national consumer property magazine, Your New Homes, who made Redrow plc ‘Housebuilder of the year’ and chose the first Debut scheme, in Rugby, Warwickshire, as the ‘Best development for first time buyers’.

They said: “The impact of Redrow’s affordable range of housing and clever financial concept has dramatically altered the perception of starter homes and has provided real hope for the masses of eager buyers who once thought they were priced out of the market.

"Redrow has proactively addressed the pressing needs of buyers looking to purchase their first home. Redrow has made brave decisions regarding its Debut concept, primarily putting in place measures to prevent buy-to-let investors from cashing in on the properties.

“This is a developer who is genuinely willing to listen to buyers and has created an engaging scheme - proving that starter homes don't have to be unimaginative. But don't take our word; it's the buyers who have voted for Redrow with their wallets. 85% of homes in Rugby sold out in the first ten hours!"

All of this comes just a couple of weeks after the Halifax bank revealed that the number of first time buyers in 2005, was the lowest annual total since 1980 – at 320,000 – and 10% lower than in 2004. The bank’s annual first time buyers’ survey also showed that the average age of a first time buyer is now 33 and the average price paid by first time buyers in 2005 was up 5% to £137,122.

Redrow’s ground breaking Debut range comprises a mix of single-storey one bedroom homes and two-storey two-bedroom designs, some with additional study space. Prices start from below £60,000 and customers can choose to defer payment of 10% of the purchase price for up to 10 years. This interest free fixed sum can be paid back via occasional lump sums, monthly repayments or in whole at any time within 10 years.

To make budgeting easy there’s also a single affordable monthly service charge that covers gas, electricity and water bills, as well as building insurance and external maintenance. And a legal framework is in place to prevent speculators and buy-to-let investors from purchasing the homes.

Built to high quality standards, with sustainability and energy efficiency a key factor, much of the cost-saving in Debut homes comes from the way in which they are constructed. The use of lightweight structural steel frame and other modern methods of construction speeds up the build programme without compromising on quality.

Communal heating and hot water systems also provide cost efficiencies, while replacing private gardens with shared outdoor space, maintained by Redrow’s own management company, means Debut properties take up less land than conventional new homes.

For more information or to register your interest in Debut at Ebbw Vale or North Cornelly call 02920 731521.