A positive take on primo by Gladedale's shared purchase

There's a lot of evidence that new home-buyers are holding back at the moment, largely through lack of confidence in what the market might do next. So the Primo by Gladedale has tackled this head-on, reducing insecurity by helping purchasers obtain 100% of their dream home for just 75% of the price.

Richard Jones, Sales Director of Gladedale (Sunderland) Ltd, said: "I fully understand buyers being cautious when there is conflicting speculation in the media, but we have come up with a proposal to offer buyers much greater peace of mind.

"Through our shared purchase scheme, new home buyers will own 100% of their dream home but pay only 75% of the purchase price as Primo Gladedale provides an interest free loan for up to 10 years to cover the difference.

"We believe this is a fantastic offer; available only because it would be bad news for the whole economy if the housing market slows too far through lack of confidence alone. So we are putting our money behind our own experience and knowledge of market trends. Although price corrections do happen, any historic correction in the housing market has been relatively short-term. "

The UK House Price Index from Halifax (2008) shows that UK domestic house prices have slipped by 3.8%, year on year from May 2007. However this has to be viewed against a context of a 79% increase over the five years to August 2007, with the average UK price rising by more than £88,000 between August 2002 and August 2007. The Index also indicates that property has increased in price by 306% over the last 20 years.

Richard Jones, adds: "We believe we are offering buyers a way of genuinely reducing any possible insecurity and getting the house of their dreams now, without having to lose sleep over what the market might do in the short term.

"We also offer buyers advice and assistance in sourcing a mortgage and, in some cases for first time buyers, we have alternative schemes to cover stamp duty and legal fees.

"In short, we would argue that this could be a great time to be shopping around for a new home."

Under Gladedale's shared purchase scheme, new buyers will pay just 75 per cent of the cost of buying a new property - which could be as little as £64,496 on a two bedroom house that is priced at £85,995.

This allows buyers to get a lot more for their money as they may only need to qualify for a mortgage on 75 per cent of the price of the property. This could mean the difference between buying a home with three bedrooms rather than two.

And for extra peace of mind, if the property should sell within a ten year period for less than the buyer paid, the Gladedale Group will take back only 25% of the sale price and not the full value of the original loan.

Buyers using the scheme, which is available on selected plots and selected developments only, may not even require a deposit, making the move into their dream home even easier. Shared purchase allows buyers to share the costs of buying a new home with the Gladedale Group.

New buyers will own 100 per cent of their property but only pay 75 per cent of the price. On selling the property or after 10 years, whichever comes first, 25% of the market value is paid to Gladedale.

Primo developments in your area include: Sandpiper Gardens and The Laurels in Grangetown, Balmoral Gardens in Catchgate, Barley Rise in New Brancepeth, Springfield Meadow in Ludworth, Wellfield Court in Murton, Lynas Place, Evenwood, Foxglove Gardens in St Helen Auckland, Oakley Manor in West Auckland, Primrose Gardens in St Helen Auckland, Sidney Gardens in Blyth, Pottery Wharf in Thornaby and South Field Court, South Moor, Braidwood Mews in Stanley and Hawthorn in Ashington.