A lifeline for first time buyers in Rochdale

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 Rochdale which could throw would-be home owners a much needed lifeline.

Thanks to the award-winning housebuilder's new ‘easi-buy' scheme, a selection of apartments at Naden Mill in Norden and Church Gate, Milnrow, can be snapped up for an initial outlay of 25% less than the usual price.

And, helping would-be home owners to appreciate the benefits of owning a brand new home at a portion of the price, Redrow is also opening the doors to a brand new fully furnished show apartment at each development this weekend (Sat 12th and Sun 13th July), giving buyers a first-hand glimpse of these impressive homes.

The new ‘easi-buy' incentive means that a stylish two-bedroom apartment at Church Gate that would normally cost £124,995 can currently be snapped up for just £93,750 - with the balance not having to be paid for 10 years.

And at Naden Mill, just 75% of the full price is needed to get hold of a two-bedroom Avon apartment that would normally cost £145,995. Using Redrow's deferred payment scheme it can currently be bought for just £109,496.

Christine Aitken, sales director for Redrow Homes (Lancashire), 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 the Rochdale area; allowing them to own 100% of their home today whilst deferring 25% 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 a £124,995 property at Church Gate, for example, if they find themselves able to settle the 25% deferred payment within the first year they could potentially save nearly £12,500 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.

Redrow ‘easi-buy' is 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.

Chris continues: "Our incentive is great news for would-be home owners but so too is the opening of our new show apartments, as our own research has previously told us that more than half of home buyers still think a fully furnished show home is the best marketing tool when it comes to choosing a new home.

"It's a win-win situation this weekend in Rochdale, then, as customers can view the show homes, find out about owning a property at a fraction of the usual price and also talk to a financial advisor for free and impartial advice on getting a mortgage." "
Church Gate, situated on Dale Street, Milnrow and Naden Mill, off Edenfield Road, Norden, both of offer a great choice of traditional stone-built homes set in a desirable village location close to local amenities and surrounding countryside.

For more details of two-bedroom apartments and three and four-bedroom homes currently available at Naden Mill and Chruch Gate, log on to Redrow.co.uk.

*Statistics from the annual Halifax First Time Buyer Review.