A window of opportunity for buyers in Bingham

Buying a new home in Bingham now could be the smart move with signs that prices are starting to head in an upwards direction.

A recent survey by Nationwide found that house prices rose for the third consecutive month in July, up 1.3% on the previous month, indicating that the window of opportunity to pick up the best buys in popular areas could be closing.

This improving trend has also led the Royal Institution of Chartered Surveyors (RICS) to revise its house price predictions for 2009, with its August update now forecasting that prices at the end of the year will be higher than for the same period last year, as opposed to the 10% drop it had previously predicted*.

All of which suggests that now could be the right time to buy one of Redrow’s brand new three, four or five-bedroom homes at Mill Hill, in Bingham; all built to exacting quality standards, featuring stylish interiors and with help to find the right mortgage deal from recommended financial advisers.

Pauline Turnbull, sales director for Redrow Homes (Midlands), says: “Some of the latest statistics suggest that the smart move for home buyers could be to buy now while prices are still low and before they increase significantly further.

“With one of the UK’s biggest lenders Nationwide reporting month on month price increases and the latest reports showing an uplift, potential home buyers who’ve been waiting for the market to reach the bottom may feel they’ve reached that point.

“If they do, we’ve got a wide range of properties available at Mill Hill at very competitive prices and a number of incentives designed to help get people moving. Interest rates also remain at an all-time low, with our recommended financial advisers able to pinpoint some attractive mortgage deals for those with a good credit history, a healthy deposit and / or substantial equity in the house they’re selling.”

Thanks to valuable incentives such as part exchange for those with an existing property to sell and the Government backed HomeBuy Direct scheme to help would-be home owners with a household income below £60,000, a new build home currently has lots of advantages over the second hand sector. There’s also the fact that it won’t require any costly renovation or repairs to bring it up to modern-day standards, comes with a 10-year warranty and, on average, a home built today is 40% more energy efficient than one built at the beginning of the decade.

Pauline adds: “Redrow has calculated that it can cost almost £30,000* to bring an older second hand property up to the same standard as one of our new homes, not to mention the time and energy involved.

“By contrast, in a Redrow home everything has been done for them already, with an up to date specification and high quality finish. Our homes feature modern kitchens and bathrooms, with well-known brand names, and they’re well insulated with full central heating and double glazed windows.”

Mill Hill sits on the edge of the picturesque Vale of Belvoir (meaning ‘beautiful view’), and enjoys some breathtaking views of the surrounding countryside. The amenities of bustling Bingham are within easy reach and Nottingham town centre is just nine miles away – meaning Mill Hill is a popular choice for commuters and buyers looking for a tranquil lifestyle but without feeling too isolated.

Currently there are a selection of three, four and five-bedroom homes available with prices from just £159,995 to 354,995.

The Government backed HomeBuy Direct scheme is available here, allowing eligible purchasers to take out an equity loan for up to 30% of the purchase price. The loan is jointly funded by Redrow and the Homes & Community Agency (HCA) and, crucially, is interest-free for the first five years.

For further details of Mill Hill and properties available with part-exchange or HomeBuy Direct, visit the marketing suite on Mallow Way, Bingham, or log on to Redrow.co.uk.

* £30,000 estimate (inc vat) based on upgrading a typical three-bedroom house, including new kitchen units & appliances, new heating system, replacement wiring and remedial plastering, additional loft insulation, redecoration including materials, new bathroom suites, including ground-floor cloakroom and en-suite, replacement windows, new guttering including fitting and replacement of fascias.

** Latest house price data:
nationwide.co.uk/hpi
rics.org