Barratt gets modern for first time buyers

30-Mar-2006

Today's young people may be considered to be the 'iPod generation', but it appears that one property builder is looking to cash in on that generation of first time buyers.

Many aspiring homeowners are still struggling to find a way onto the first rung of the property ladder, but Barratt Homes believes it has come up with a solution.

The developer is looking to establish a large number of "iPad flats", which will be small but affordable properties aimed at first time buyers.

Aspiring first time buyers wanting advice on mortgages, to find out how much they can borrow and how much it will cost, should request advice from the UK’s leading High Street Brokers, Bradford and Bingley.

It is planning to price the houses at between £80,000 and £85,000 in the north of the country and up to £125,000 in the south, where prices are higher.

The move is designed to get more aspiring first time buyers onto the property ladder and the one bedroom flats are expected to be about 28 square metres in size.

Find out more about the housebuying process in the FirstRungNow Home Buyer's Guide.

"This is designed to be an affordable product but it is not too small. It has a reasonable sized living room and a proper kitchen and full bathroom," explained Barratt's finance director Colin Dearlove.

Barratt has stated that it intends to build as many as 1,800 of the properties in cities across the UK in an effort to improve the situation for first time buyers.

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