Developer to pay first-time buyers' deposit

Home
> Homefinder

Homefinder

Thursday, May 15, 2008

By Helen Carson

One of the province's top residential property developers today threw a much-needed lifeline to beleaguered first-time buyers by offering to pay a 5% deposit and stamp duty.

Fraser Houses, who have been one of the largest house builders in Northern Ireland for many years, revealed the firm's innovative offer for the latest phase in a development at Aylesbury Place, Mallusk Road, Newtownabbey.

And the incentive comes hot on the heels of a local house price report this week which revealed house sales in Northern Ireland hit an all-time low at the beginning of this year.

Announcing the deal, Paul Fraser from the company said the 'no strings attached' initiative had been in response to feedback from would-be first-time buyers who were struggling to find the cash for a deposit on their dream home as a result of the credit crunch.

"Depending on the home they choose this offer can save first time buyers anything from £10,790 to more than £22,000.

"Of course it isn't just about pushing down monthly payments for this crucial segment in the housing market, but more importantly avoiding the need to find a sizeable chunk of money as an initial one-off payment."

Mr Fraser explained the offer would relate exclusively to the development's remaining Phase 4 homes.

"Our view at the moment is that there are many potential home buyers out there who are being hindered from getting on to the property ladder by the recent changes to lending criteria by many banks here and in Great Britain which we feel is rather unfair," he said.

"We are hopeful this will go some way towards easing the burden on first-time buyers, many of whom are young people and that it will breathe new life into this end of the market.

"The reason we have decided on 5% is that this is the figure being stipulated as a deposit by most lenders."

Mr Fraser said that he believed the initiative was unique in Northern Ireland.

"We have all read of some marketing ploys that offer shared equity purchase and others where homebuyers rent a portion of their property from a developer and then are forced to pay a share of the sale price to the developer when they come to sell," he said.

"Our offer is very different and gives first-time buyers the chance to get on the property ladder and achieve 100% ownership of their dream home with no strings attached."

And strong interest in the move is expected.

"We would advise anyone considering buying one of the homes to log onto our website at www.fraserhouses.com for further information or call our office on 028 9079 0577," said Mr Fraser.

The new homes come in four types and include spacious, turnkey two-bedroom apartments, to a choice of three models of detached or semi-detached villas, some boasting conservatories and luxury fitted kitchens.

There will be 10 fully-furnished showhouses and show apartments, fitted out by Fulton's Fine Furnishings open every Sunday from 3pm-5pm.

Aylesbury Place is part of Mayfield Garden Village.