Lifeline for first time buyers in Leeds

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

A stylish two-bedroom apartment at Redrow's West 12, in Wortley, that would normally cost £116,999 can currently be snapped up for just £87,749 - with the balance not having to be paid for 10 years.

Sue Lambert, sales director for Redrow Homes (Yorkshire), 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 £116,999 property at West 12, for example, if they find themselves able to settle the 25% deferred payment within the first year they could potentially save a massive £11,700 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 West 12, situated on Whitehall Lane in the Lower Wortley district of Leeds.

Perfect for first time home owners and others on a budget, these contemporary apartments feature an open-plan kitchen/lounge area and include a single parking space. They're close to the city centre, well served by public transport and just off the A6110 ring road, within easy reach of the M621. M62 and M1 motorways.

For more details of West 12 and the available properties log on to Redrow.co.uk.

* Statistics from the annual Halifax First Time Buyer Review.