Lifeline for first time buyers in Crewe

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 Crewe, Cheshire, which could throw would-be home owners a much needed lifeline.

A stylish two-bedroom apartment at Redrow's The Sidings that would normally cost £115,000 can currently be snapped up for just £86,250 - with the balance not having to be paid for 10 years.

Patsy Aicken, sales director for Redrow Homes (North West), 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; 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 £115,000 property at the Sidings, for example, if they find themselves able to settle the 25% deferred payment within the first year they could potentially save a massive £11,500 on the overall property price."

Redrow's new offer is subject to terms and conditions. The 25% 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.

The option to own 100% of a brand new home at 75% of the price is available on selected two-bedroom apartments at The Sidings, in Dunwoody Way, a development which is close to Crewe town centre and just a mile from Crew railway station, offering easy access to Manchester, Birmingham, Liverpool and London.

For more details of the development and its apartments log on to Redrow.co.uk.

* Statistics from the annual Halifax First Time Buyer Review.