More and more first-time buyers are seeking to make withdrawals from the ‘Bank of Mum and Dad’ to get themselves onto the property ladder.
But in Garstang, Lancashire, they may be able to take advantage of a little home help from award-winning builders Redrow to climb onto that first rung – and leave their parents’ cash coffers untouched!
Canal View in Garstang still has two properties for sale under Redrow’s ‘Advantage’ scheme, which means customers who comply with certain criteria could get the keys to a brand new home for just 80% of the market value.
“Homes sold through Advantage are designed to help first-time buyers move out of their parents’ homes or rented accommodation, but stay in the area,” says Claire Jarvis, sales director for Redrow Homes (Lancashire). “The homes are in popular locations, like Canal View, where young people, key workers and those on more modest incomes may not normally be able to afford to buy.
“The homes are offered at a reduced price for those who qualify, for instance, those who can show they need such a home - maybe they are starting a family or taking a job in the area. In Garstang, provided their combined household income is under £60,000 and they live or work locally, they could get a substantial reduction on the price of their own home; which is good news for them and ensures that families and young professionals continue to make a vibrant and valid contribution to the local community.”
It also ensures mum and dad keep their bank balance in the black, unlike those who have to dip in to help their offspring purchase a property. New research by the Social Mobility Commission has revealed a historic high of 34% of first-time buyers use family loans or gifts to purchase a home – an increase of 14% in the last seven years.
At Canal View the two-bedroom Tavy property comes under the Advantage banner and can be bought for £143,995.
A simple, yet effective layout that fits the ebb and flow of family living, helps the property stand out in the popularity stakes. The secret of its success lies in clean, uncluttered lines, with lots of built-in storage on both floors so owners can keep it that way, allowing them to make the most of the open space.
Downstairs is a spacious, open plan living area with French doors to the garden, a downstairs cloakroom and fully-fitted kitchen, while upstairs are two generous bedrooms, including a twin room that’s perfect for kids to share.
“All we ask is that people who use Advantage to buy one of the homes pass the discount on to similar qualifying people when they come to sell, so the 20% discount remains with the property in perpetuity,” adds Claire.
As well as the new homes being sold through Advantage, Canal View still offers a small number of three and four-bedroom family homes, with traditional craftsmanship exteriors combined with modern and spacious interiors. Taken from the Arts & Crafts inspired Heritage Collection they include the four-bedroom detached Welwyn from £371,995 – so if mum and dad want to keep an eye on their young homebuyers, they could have the perfect property from which to do it!
For more about Redrow’s range of Heritage Collection homes at Canal View or Advantage call into the show home and sales centre at The Toppings, usually open from Thursday to Monday, between 10am to 5.30pm. Alternatively call 01995 478500 or visit www.redrow.co.uk/canalview
Redrow was established in 1974. Today, it is one of the most successful and acclaimed property developers in the UK, building around 5,000 premium quality family homes a year in prime locations across England and Wales. Over Redrow’s history spanning more than 40 years, it has earned a unique reputation for quality and building beautiful homes, which people love to live in. To help achieve this it also focusses on two other key areas: valuing people and creating outstanding locations. Implementing its strategy whilst engaging with colleagues and stakeholders helps Redrow deliver significant value to investors and the wider community. Redrow is listed on the London Stock Exchange and is a constituent of the FTSE 250 index. For the year ended 30th June 2016, the Group reported record revenues of £1.38 billion. Redrow has been awarded the ‘Best Large Housebuilder’ title twice in the last three years at the What House? Awards. This year, Redrow was named as a UK Top 100 Apprenticeship Employer for the fourth consecutive year. Visit redrow.co.uk
for more details.