Debut provides ‘real hope’ for nation’s first time buyers

Mon, Jan 30th 2006, 11:00

The company’s first Debut scheme, at Willans Green, Rugby, has been voted ‘best development for first time buyers’ in an award scheme run by a national consumer property magazine.

The success of these innovative homes was also a major contributory factor in Redrow winning the publication’s ‘Housebuilder of the Year’ title.

Judges for the annual Your New Homes awards commented: “The developer nominated as the Housebuilder of the Year had to display an innovative approach to developing and achieve something significant in terms of the future of house building. After a great deal of deliberating, the judges could not fail to notice the efforts made by Redrow to ease the burden on first-time buyers.

“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 is a worthy winner and one that should be congratulated for their efforts.”

News of Redrow’s victory comes in a week when the Halifax revealed that the number of first time buyers in 2005, at 320,000, was the lowest annual total since 1980 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.

It is precisely this gloomy outlook that Redrow is committed to addressing with its exciting Debut range, which features one and two-bedroom homes from as little as £49,995a in some instances.

On the choice of Debut at Willans Green, Rugby as the best development for first time buyers, the Your New Home judges stated: "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!"

Debut customers can take advantage of Redrow’s ‘Easi-buy’ option, deferring a portion of the purchase price (usually 10%) as an interest-free fixed sum for up to 10 years. The customer has total flexibility how they pay this back – via occasional lump sums, monthly repayments or in whole at any time.

Only five Debut properties remain for sale at Willans Green, Rugby. These are larger two-bedroom and study, two-storey properties, with an Easi-buy price of £104,950b.

The award winning range has subsequently been introduced at Castle Vale, Birmingham - just seven miles from the city centre - where Redrow is building a total of 136 Debut properties. The first phase of 30 homes sold out immediately and Redrow is now preparing to launch its next phase, with prices from £59,995c for a single-storey one-bedroom home up to £109,995d for a two-bedroom with study, two-storey home.

Much of the cost-saving in Redrow’s Debut homes comes from the way in which they are constructed, using a lightweight structural steel frame and other modern methods of construction, which speeds up the build programme without compromising on quality. Communal heating and hot water systems also provide cost efficiencies, while replacing private gardens with high quality shared outdoor space, maintained by Redrow’s own management company, means Debut properties take up less land than conventional new homes.

With prices and running costs kept as low as possible, a choice of move-in packages to suit the customer and an affordable single monthly service charge to cover gas, electric and water bills, as well as buildings insurance and external maintenance, Debut is geared towards making home ownership accessible, affordable and easy to manage.