Predictions of rent rises and house price increases in the year ahead mean buying a new home in Bilston now could be a prudent move.
The number of people buying their first home reached a seven-year high in 2014 according to the Halifax. The lender said better mortgage rates and government initiatives such as Help to Buy helped bolster the number of first time buyers by 22% year on year.
Help to Buy has been particularly popular at Chestnut Walk in Bilston where it’s accounted for around 85% of sales.
Now, with only eight homes available in the current phase, all of which are ready to move into, Redrow is encouraging would-be homeowners to act fast.
Pauline Turnbull, sales director for Redrow Homes (Midlands), says: “Surveyors and lenders are forecasting that rents will rise by 2% this year while house prices could increase by up to 5% over the next 12 months. If their predictions hold true, it could mean that those saving for a deposit now face paying more when they’re eventually ready to buy. But some aspiring first time buyers may not realise that they already have enough to secure a home at Chestnut Walk as, with Help to Buy, they typically only need to put down 5% of the property’s value, which could be as little as £6,250.
“Based on our previous sales success the final homes in the current phase won’t be available for long. Anyone in the market for a new home should contact us without delay.”
The homes available include a choice of two and three-bedroom designs from the sought-after Heritage Collection.
Prices start from as little as £124,995 for a two-bedroom Evesham, which is below the stamp duty threshold for additional savings. And, thanks to Help to Buy, the initial price can be reduced to just £99,996. The remaining 20% is covered by an equity loan, which is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Designed and built with pride, the homes at Chestnut Walk enjoy a high specification as standard including stylish kitchens that are well equipped with integrated top brand name appliances, plus bathrooms and en-suites featuring sleek modern suites with quality fixtures and fittings.
Redrow has secured planning permission to build a further 35 homes in Bilston, including a mix of two and three-bedroom houses and one and two-bedroom apartments, but they won’t be available until summer so those seeking to beat predicted price increases should definitely act now.
To find out how you could buy a home of your own with Help to Buy, visit Chestnut Walk, where the sales office and showhomes are open daily from 10am to 5.30pm. Alternatively, call 01902 276900 or see www.redrow.co.uk/chestnut.
Established more than 40 years, Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. The company has won numerous awards over the years, including, most recently, the Gold Award for Best Large Housebuilder at the WhatHouse? Awards 2014, the 2014 Building Awards Housebuilder of the Year and four consecutive 5* awards in the Home Builder Federation (HBF) annual customer satisfaction survey. Redrow also collected the award for best marketing initiative at the 2014 Housebuilder Awards and its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence.