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New house-buying schemes unveiled

27/06/2008

Key workers and first-time buyers in Greater Manchester are being enticed by two new schemes that give them the chance to buy 100 per cent of a home for either 85 or 75 per cent of the price.

An apartment at Barratt Homes' Pennington Park in Leigh, which is on the market for £117,200, can be purchased for just under £100,000. The remaining 15 per cent becomes payable within ten years or when the property is sold.

Meanwhile, George Wimpey has launched a scheme that allows buyers to pay for 75 per cent of the price, with the developer providing an interest-free loan on the remaining 25 per cent for up to ten years.

This scheme is available at Chapelfield Park in Radcliffe, where a two-bedroom apartment can be snapped up for just less than £106,500.

Anthony Mansfield, sales director at George Wimpey, said. "We believe that this is just the sort of simple and effective scheme that buyers are looking for at the moment."

According to a poll by insurance firm Zurich, 52 per cent of Brits consider property to be a good investment at the moment, despite the credit crunch and falling house prices.