Redrow aims to capitalise on the rise of first time buyers
In the two months to June this year, the number of first time homeowners increased by 10% compared to the same period a year earlier, with average home prices purchased increasing by 12% for the same demographic. Redrow Homes aims to meet this demand with its new housing developments such as Riverside View in Lancaster, which offers one-bedroom apartments from £109,995.

Redrow aims to meet demand as first time buyer numbers surge

A spacious quayside apartment in Lancaster could make a perfect starter home for young house hunters – as the number of first time buyers climbs 10% in the last year.

A new wave of contemporary and affordable apartments is now on offer at Redrow’s Riverside View development, off New Quay Road. Situated alongside the River Lune, they are close to the historic heart of Lancaster and only a mile from the train station.

According to the latest Halifax First Time Buyer Review, there has been a 10% increase in first time homeowners to 154,200 in the initial half of 2016 compared to same period last year, while purchasers were also investing more with the average price paid for a first home up 12% to almost £200,000 and the average deposit standing at £33,960.

Redrow’s spacious apartments at Riverside View boast double bedrooms and the two-bedroom styles enjoy the luxury of en-suite to the master bedroom in addition to a family bathroom. Expansive open-plan kitchen, living and dining areas are at the hub of these low maintenance, secure properties.

One-bedroom apartments are available from £109,995 while two-bedroom designs are priced from £129,995. The Government backed Help to Buy: Equity Loan scheme can reduce the initial outlay to just £87,996 and £103,996 respectively and purchasers should only need a 5% deposit.

Claire Jarvis, sales director for Redrow Homes (Lancashire), said: “It’s great news that the number of first time buyers has increased and we hope to see that number continue to grow as interest rates remain at an all-time low and support in the form of Help to Buy is still readily accessible on new build homes. For those making their first foray into the property market, we’re here to support them every step of the way. Visitors to the development will have the chance to chat to our expert sales advisors and we can put them in touch with mortgage specialists for further advice.

“We believe that our offering of contemporary new Hayeswater apartments at Riverside View could provide that vital first step onto the property ladder for potential homebuyers in and around Lancaster. They are designed to be contemporary and spacious, perfect for modern living and are ideal starter homes.

“Of course, ownership isn’t restricted to first time buyers and the riverside location, quality specification, energy efficiency and easy maintenance of these apartments also makes them well suited to the downsizer market.”

All of the Redrow homes at Riverside View, including the Arts & Crafts inspired Heritage Collection houses and more contemporary looking Abode range, are just a five-minute drive from the centre of Lancaster and the train station a mile away offers regular trains to Manchester, Preston and beyond.

For more information visit the sales office, open Thursday to Monday, 10am to 5.30pm, or go online at redrow.co.uk/riversideview.