Pershore's 20 and 30-somethings could prove economists wrong and escape the rental trap to purchase a home of their own with Help to Buy.
PwC economists predict that there will a rise in renting over the next 10 years and that by 2025 more than half of under 40s will rent rather than own their home.
But aspiring homeowners in Pershore could find that they already have enough to secure a brand new Redrow home at Abbey Meadows, with the government’s Help to Buy equity loan enabling them to make that crucial first step onto the housing ladder.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explains: “Help to Buy has been a real boost to the housing market, giving people who would otherwise have been priced out of homeownership the chance to secure a home of their own.
“It can be tricky to save for a deposit while paying rent, but would-be homeowners could be pleasantly surprised to learn that savings of around £10,000 could secure a two-bedroom home at Abbey Meadows. With that in mind we’re encouraging people to reassess their finances and, instead of considering whether they can afford to buy, to ask themselves if they can afford not to.”
Current prices at Abbey Meadows start from £196,995 for a two-bedroom Evesham style property. Help to Buy reduces the initial price of this home to £157,596. The lower prices includes a 5% deposit, plus a 75% mortgage from the customer’s preferred lender. The remaining 20% is covered by the equity loan, which is interest free for five years.
“Pershore is somewhere people aspire to live and first time buyers may fear they will have to move out of the area to ever be able to afford a home of their own,” Pauline adds.
“The good news is that our homes are competitively priced and Help to Buy makes them an even more attractive prospect, particularly when home.co.uk suggests that the average asking price for a two-bedroom property in the WR10 district is more than £210,000.”
Redrow’s homes at Abbey Meadows enjoy a high specification as standard including well equipped kitchens and sleek modern bathrooms. Designed and built with pride the homes are easy to manage and unlike some older, second hand properties they won’t require costly repairs or maintenance.
Pershore is a charming market town with ample amenities both locally and in nearby Worcester.
To find out more about the homes and the help available, visit the sales office and showhome at Abbey Meadows, open Thursday to Monday from 10am to 5.30pm. Alternatively, call 01386 244403 or see www.redrow.co.uk/abbey.
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 five 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. Web: www.redrow.co.uk.