Lifeline for first time buyers in Rugby

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 Rugby, Warwickshire, which could throw would-be home owners a much needed lifeline. Using Redrow ‘easi-buy', a stylish three-bedroom Malham townhouse that would normally cost £159,995 at Willans Green can currently be snapped up for just 80% of the full asking price (£127,996) - with the balance not having to be paid for 10 years.

And only 75% of the full price is needed to get hold of a three-bedroom detached Hayward home that would normally cost £175,995. Using Redrow's deferred payment scheme it can currently be bought for just £131,996.25.

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 Rugby, allowing them to own 100% of their home today whilst deferring up to 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."

For example, on the Hayward costing £175,995 in full at Willans Green, purchasers who find themselves able to settle the 25% deferred payment within the first year could potentially save over £17,500 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.

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 between 75 and 85% of the price is available on selected properties at Willans Green, a development which is convenient for Rugby town centre and all its amenities, the motorway network and the train station, yet is within easy reach of some beautiful Warwickshire countryside.

For more information log onto Redrow.co.uk.

* Statistics from the annual Halifax First Time Buyer Review.