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Affordable homes for Crewe first-time buyers

Redrow claims to be offering a lifeline to would-be first time buyers in Crewe who are struggling to find affordable homes.

For example, a two-bedroom apartment at The Sidings costs £115,000 but it can be purchased for £86,250 with the outstanding balance paid over the next ten years.

The deferred part of the house price – representing 25 per cent of the total cost – is paid back at market value at the time of the original payment.

Patsy Aicken, sales director for Redrow, said: "Not only will the customer legally own 100 per cent of the property from the outset, they will not have to pay rent on the deferred element.

"And there's more good news in that the outstanding cost will reduce on a sliding scale if they repay it within the first three years."

Once completed, The Sidings will comprise 215 properties suitable for first-time buyers and families. A new GPs' surgery is also being built next to the development.
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18/06/2008