Deposit help for first time buyers in South Wales

First-time buyers in South Wales have the chance to get a foot on the property ladder – with a 5% gifted deposit to help them secure a stylish home at Cwm Calon, in Ystrad Mynach.

It’s a great deal, worth at least £5,600 to customers, and applies to two and three-bedroom properties like the two-bedroom ‘Tredomen’ home, currently available from £112,000.

The property boasts a good size lounge, two double bedrooms and a double parking space and is perfect for first-time buyers keen to switch from renting to owning their own home.

Becoming a first-time buyer in the current market can be tough. Recent research by the Chartered Institute of Housing Cymru showed that young working households in Wales currently earn on average £27,039 and in some rural areas house prices are around five times the average household income.

Luly Brice, area sales manager for Redrow Homes (South Wales), said: “At Redrow we understand that buying a home, particularly your first, is a big step. We also recognise that in the current climate it is particularly tough, so Redrow is helping to make buying a home more affordable with its 5% gifted deposit scheme.”

“There are a few 90% mortgage products on the market but that still leaves first time buyers having to find a 10% deposit to secure such a loan. By providing half of that amount – £5,600 in the case of a £112,000 property - we’re helping to ease the pressure on first-time buyers. They also won’t have to pay stamp duty as our prices are well below the threshold.”

Situated opposite Parc Penallta Country Park, Cwm Calon has been carefully planned to cater for everyone, with properties ranging from two-bedroom starter homes to four-bedroom detached family homes from Redrow’s New Heritage Collection.

The development provides the widest range of house types and has been designed as an urban village with a real community feel.

The nearby railway station offers easy travel to Cardiff in just 20 minutes and the new road link to the A470 makes the area ideal for commuting to Cardiff and Newport.

For more information about the homes available at Cwm Calon, visit the marketing suite, open daily 10am to 5.30pm.