Lifeline for would-be home owners in St Neot's

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 St Neot's, Cambridgeshire, which could throw would-be home owners a much needed lifeline. Using Redrow ‘easi-buy', a stylish two-bedroom Avon apartment that would normally cost £142,995 at Redrow @ Loves Farm can currently be snapped up for just 85% of the full asking price (£121,545.75) - with the balance not having to be paid for 10 years.

And only 80% of the full price is needed to get hold of a four-bedroom, three-storey Gorsley terraced house that would normally cost £259,995. Using Redrow's deferred payment scheme it can currently be bought for just £207,996.

Mary Timlin, sales director for Redrow Homes (South Midlands), 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 and other customers in St Neot's, allowing them to own 100% of their home today whilst deferring a portion 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."

For example, on a Gorsley four-bedroom house costing £259,995 in full at Loves Farm, purchasers who find themselves able to settle the 20% deferred payment within the first year could potentially save over £20,000 on the overall property price. On a two-bedroom Avon apartment the saving could amount to more than £8,500.

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.

It's 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 80 or 85% of the price is available on selected properties at Redrow @ Loves Farm, a development which enjoys close proximity to St Neots town centre and all its amenities. The nearby railway station offers journey times to London Kings Cross of 40 to 50 minutes and there are also good road links to the A1, M1 and M11, with Bedford and Cambridge only about 25 minutes' drive away.

For further details go to Redrow.co.uk.

* Statistics from the annual Halifax First Time Buyer Review.