First-time buyer 'lifeline' offered at Yorkshire development

21-Jul-2008

First-time buyers with their sights set on the West Yorkshire market are being offered a property-ladder 'lifeline' by one developer.

Representatives for Redrow explained that two-bedroom apartments at its Oak Glen development in Bingley can be snapped up for an initial outlay of a quarter less than the usual price.

The firm's Sue Lambert noted that average house prices are currently out of reach for first-time buyers in 96 per cent of UK towns.

"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 per cent of towns across the UK," she remarked.

"Redrow's 'easi-buy' scheme is making home ownership more accessible to first-time buyers , allowing them to own 100 per cent of their home today whilst deferring 25 per cent of the cost to a time when they have more funds available," she concluded.

Under the terms of the initiative, a two-bedroom apartment normally costing £119,999 can be bought for £89,999 and the balance paid after ten years.

At another development targeted at first-timers in Swindon recently, Bloor Homes offered buyers the advantage of receiving five per cent of their deposit, further boosting the properties' affordability.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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