Lifeline for first time buyers in southern counties

With average house prices out of reach for first time buyers in 96% of UK towns it's harder than ever to get onto the property ladder - but here's news of an incentive in Leighton Buzzard and Bletchley, near Milton Keynes, which could throw would-be home owners a much needed lifeline.

Selected properties at Redrow @ The Wharf, in Leighton Buzzard, and Redrow at Bletchley Park, can be bought now for an initial outlay up to 20% less than the usual price.

Using Redrow ‘easi-buy', a stylish two-bedroom apartment at The Wharf that would normally cost £164,995, can currently be snapped up for just £131,996 - with the balance not having to be paid for 10 years.

And at Redrow @ Bletchley Park, just 80% of the full price is needed to get hold of a two-bedroom apartment that would normally cost £173,995. Using Redrow's deferred payment scheme it can currently be bought for just £139,136.

Mary Timlin, sales director for Redrow Homes (South Midlands), says: "According to the annual Halifax First Time Buyer Review, people taking their first step onto the property ladder cannot even afford to purchase a terraced property - traditionally the least expensive property type - in 71% of towns across the UK, so is it any wonder that so many young people are putting off that first step onto the property ladder?

"Now though, Redrow's easi-buy scheme is making home ownership more accessible to first time buyers in areas like Leighton Buzzard and Milton Keynes, allowing them to own 100% of their home today whilst deferring up to 20% of the cost to a time when they have more funds available.

"Not only will the customer legally own 100% of the property from the outset, they will not have to pay rent on the deferred element. And there's more good news in that the outstanding cost will reduce on a sliding scale if they repay it within the first three years.

"On an apartment costing £164,995 in full at The Wharf, for example, if they find themselves able to settle the 20% deferred payment within the first year they could potentially save over £13,000 on the overall property price."

Redrow's new offer is subject to terms and conditions and available on selected plots only. The deferred element is paid back at market value at the time of payment, which could go down as well as up.

It's the latest in a number of incentives offered by Redrow under the badge of ‘re:assure', all of them designed to make moving as easy as possible from the moment of first enquiry right through until after the customer has moved in.

Pleasantly situated alongside the Grand Union Canal, Redrow @ The Wharf is great for commuters, being within walking distance of Leighton Buzzard town centre and its train station, which offers journey times to London Euston of just 35 minutes. For information go to Redrow.co.uk.

Redrow @ Bletchley Park is opposite Bletchley railway station, from where London Euston can be reached in just 36 minutes by train. It's also close to the shops, employment, entertainment and other amenities of Milton Keynes. For further details log on to Redrow.co.uk.

* Statistics from the annual Halifax First Time Buyer Review.