Gladedale tackles Milton Keynes property prices

Property prices in Milton Keynes have increased by 6.1per cent* in the last year and with the average price of a detached house costing £308,255*, buyers are finding it increasingly difficult to move up the property ladder.

In a bid to tackle the higher than average property prices in the south-east, Gladedale South East Ltd has unveiled a new initiative designed to help buyers get more house for their money.

Gladedale South East is giving buyers the opportunity to buy the home of their dreams by taking advantage of its exclusive Shared Purchase scheme that allows the buyer to pay 75% of their chosen home at the outset and pay the remaining 25% in 10 years time, or before if they decide to sell.

At Gladedale’s Redhouse Park development on Wolverton Road, this means that a three bedroom link-detached house costs just £206,997 – that’s £101, 228 less than the price of an average detached home in Milton Keynes.

This exclusive scheme is ideal for home buyers who are working and are able to raise a mortgage - or in some cases have a lump sum - but who could not afford 100% mortgage repayments on their ideal property. However, buyers will have to act quickly to take advantage of Shared Purchase and complete their sale before December 21st, 2007.

Suzie Magness, sales director for Gladedale South East, explained: “The initiative is relatively straight forward. The 25% becomes an interest free loan which is re-paid at the market value at the end of the 10 year period, and although buyers only take out a mortgage for 75% of the price of the property, they still own 100% of their home.”

Occupying an attractive site bordered by popular nature spot Linford Lakes, Redhouse Park is within a mile of the thriving market town of Newport Pagnell and just seven miles to Milton Keynes – a new city jam-packed with shopping, socialising, sports and entertainment opportunities – giving buyers the best of both worlds.

Once complete, the development will feature more than 450 homes comprising a mix of traditional and contemporary style and ranging from one bedroom apartments to four bedroom detached homes, ensuring that there is something to suit all lifestyles.

Every home will bear the marks of quality and superior specification upon which Gladedale has built its reputation, including Italian designed kitchens and stylish white sanitary ware.

Suzie Magness, Sales Director for Gladedale South East, believes Shared Purchase is the way forward for buyers to get onto and move up the property ladder.

She said: “People are simply putting off getting a foot on the property ladder or trading up as they are disheartened by the cost of properties. This scheme is an ideal solution for many buyers. It means they can afford their ideal home, with high quality specification in a desirable area, without having to save for years in advance.”

Shared Purchase is available at Redhouse Park, Newport Pagnell, on selected plots for completion before December 21st, 2007. The marketing suite and show home complex are open daily from 10am to 5pm.

Prices at Redhouse Park range from £165,000 - £344,995

For more information visit Redhouse-park.co.uk. The Marketing Suite and Show Homes are open daily from 10am-5pm.

*Figures from Bbc.co.uk.