First time buyers need ‘debut’ more than ever

With first time buyers in the UK now facing average house prices of £150,000, Redrow’s award winning Debut range has an even bigger role to play in helping would-be home owners onto the first rung of the ladder.

The Halifax First Time Buyer Annual Review 2007 says that average prices for first-time buyers have risen by a colossal 95% since 2001. The survey also revealed that in every region of the UK, for the first time, average first-time house prices were above £100,000.

No wonder then that would-be home owners have been queuing to get their hands on a Debut property from one of the UK’s leading house builders, Redrow. With starting prices still from less than £60,000 for a one-bedroom property in some areas; and larger two-storey, two-bedroom homes with extra study space coming in below the stamp duty threshold of £125,000 – they beat the UK average by a big margin.

Paul Pedley, Redrow’s executive deputy chairman, says: “First time buyers are currently faced with both rising house prices and interest rates This is highlighted by the Council of Mortgage Lenders who have recently announced that the average first time buyer ‘income multiple’ now stands at 3.29 times household income.

“Against this backdrop, Redrow developed the Debut range offering a quality living environment at an affordable price, particularly aimed at those taking the first step on the housing ladder.

Redrow is selling its innovative Debut range at a variety of location around the UK. Current prices for the lowest price ‘Debut 1’ property style at Sittingbourne in Kent, are from £69,995; Hilton, near Derby, from £65,995; Castle Vale, Birmingham from £64,995; Newport, South Wales from £55,500 (being allocated by Newport City Council via its affordable home ownership scheme) ; Merthyr Tydfil, currently from £78,333 for a Debut 2; and Chorley, in Lancashire, from £65,995.

The initial outlay is reduced further if purchasers choose to defer 10% of the initial purchase price for up to 10 years. This interest free fixed sum can be paid back at any time within the 10 years, via occasional lump sums, monthly instalments or in full at any time.

Debut home owners also benefit from having a single fixed monthly service charge which covers the cost of water, electricity, gas and buildings insurance, as well as all external maintenance and window cleaning.

Paul adds: “Though not restricted solely to first time buyers, Debut homes can only be bought by owner occupiers and we have a legal framework in place to prevent buy-to-let investors from snapping them up. Again, this helps first time buyers by ensuring a supply of homes they can afford.”

Further Debut schemes around the UK are at different stages of the planning process and Redrow is urging local authorities to consider Debut when determining levels of affordable housing as part of the overall housing mix.

Debut offers a range of single storey one-bedroom homes and two-storey one and two-bedroom properties, including some with extra workspace. Sizes vary from 275 sq ft to 700 sq ft.

Using a combination of traditional and modern materials, Redrow has developed both contemporary and more conventional elevations to suit the local vernacular and meet the demands of planners. Carefully landscaped communal grounds tended by Redrow’s own management company help to create a sense of place.

For further details of Redrow’s Debut homes – including video walk-throughs of each design - and to register for future projects, visit debutbyredrow.co.uk.