Why buying a new home now makes sense
One of Yorkshire’s popular housebuilders, Redrow, says it’s still a good time to buy a new home following the recent Bank of England interest rate rise.
“The increase needs to be viewed in context,” says Redrow’s Yorkshire sales director Patsy Aicken. “The Bank Base Rate (BBR) remains at historical low levels and, even though most mortgage lenders are passing on the increase, there are some very competitive mortgage rates available; and the majority of homeowners already on fixed rate deals will not be directly impacted.
“Add to that, the underlying health of the economy is robust – unemployment is at its lowest rate for 42 years and the number of positions vacant is said to be at a record high - and there are plenty of positives for would-be homeowners to take on board.”
With housing developments across a wide area, including York, Leeds, Wakefield and Huddersfield, Redrow has plenty to offer homebuyers – especially those keen to lock-in to a fixed rate mortgage deal before the further rate rises that Mark Carney, governor of the Bank of England, has signalled may come over the next three years.
Carney has suggested he sees the base rate gradually moving towards the 2 – 3% range over time.
“This is still significantly lower than the circa 4 to 5% interest rates that were common 10 years ago,” Patsy adds. “Nevertheless, we understand that customers will have questions and we think buying a new home can provide them with the comfort and reassurance they are looking for.
“We do advise that customers should always seek advice from a regulated mortgage broker or independent financial adviser. The external mortgage experts we recommend are already scouring the market for the best deals and, even if rates do move again, it’s envisaged they’ll still be well below the long term average, which means good mortgage affordability going forwards.”
Across Yorkshire, Redrow offers a wide choice of homes from both its Arts & Crafts inspired Heritage Collection and the Georgian influenced Regent Collection. Both collections combine traditional looking exteriors and period-style features with bright, modern interiors and a sought-after specification that’s suited to today’s modern lifestyles. There are two, three and four-bedroom properties to suit most type of buyer.
And, being brand new, homes are built to be energy efficient, easy to manage, boast top brand name appliances with a two-year guarantee and the homes themselves are covered by a 10 year warranty.
From rural idylls like Green Hammerton and Holmfirth to edge of city hot spots like Horsforth and Garforth, in Leeds, and Clifton, in York, Redrow offers some superb locations. It’s also just launched two great new developments in Wakefield, including redevelopment of the old West Yorkshire police training centre at Bishopgarth.
For details of exactly where Redrow is building, including availability and prices, visit redrow.co.uk/yorkshire.
