New housing venture for first time buyers

06-Feb-2007

First time buyers in Wales have been helped to get onto the property ladder as a result of the latest initiative by the developer Redrow.

Almost 70 homes in Newport were bought in eight hours by those who fitted Newport City Council's affordable homeownership scheme, Newport City Living.

Commenting on the its latest project, Redrow's sales manager for South Wales, Debby Pavitt, said: "The Newport launch undoubtedly shows there are a lot of first time buyers out there looking for an affordable home that isn't either run down or in an undesirable location."

"Many of the first time buyers we speak to say they are looking for a home to invest in, but they are unable to find anything within their budget," she added.

Redrow is currently developing more of its Debut housing schemes throughout Wales, including building 103 homes in Merthyr Tydfil.

News of this latest development follows the announcement of the launch of the government's First Time Buyer Initiative, which will allow buyers to purchase just 50 per cent of a property to minimise mortgage repayments.

More than 700 homes have been chosen for the scheme, with 50 per cent reserved for key workers.

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