A three year price guarantee for Coventry buyers

If you want to buy a new home but are worried that its price may fall in the next few years then help is at hand. Barratt Mercia has unveiled its unprecedented three-year price guarantee which takes the risk out of buying a new home in the current market.

The way it works is simple. If you want to sell your house within three years and the value is lower than what you paid for it, Barratt will refund the difference up to a maximum of 15 per cent.

In other words, even if house prices fall 15 per cent by 2011, you won't be out of pocket.

This is the first time that any major homebuilder has offered to protect their customers from price falls. Barratt has always believed in helping homebuyers and thousands have taken advantage of their innovative incentives over the years.

Chris Ashmore, Sales Director at Barratt, said: "We know that many people want to buy a new home at the moment but are being put off by what they read about falling house prices."

"So we looked at what we could do to help and are offering to guarantee the price of their new home. It hugely reduces the risk and means that people who felt they would have to put off buying for a few years now have the option of moving straightaway."

"Customers who buy one of our homes with a price guarantee will only need a mortgage for 85 per cent of its value. That's because we'll give them a deferred loan for the rest and they can pay us back when they can afford up to 10yrs upon completion. It all adds up to a big helping hand for buyers."

Developments currently offering the price guarantee offer are:

Brookfields
Watery Lane
Keresley
Coventry
CV6 2GF

Brookfields offers a range of three- and four-bedroom homes. Prices start from £196,100.

The Leys
Leicester Road
Bedworth
CV12 8AG

The Leys offers a range of four-bedroom houses. Prices start from £263,500.

Park View
Woodway Lane
Coventry
CV2 2LW

For more information, log on to Barratthomes.co.uk.