Homes for as little as £50k

FIRST-TIME buyers struggling to get on to the property ladder in Ipswich could benefit from homes selling from around £50,000. In the latest move towards affordable housing, developer Redrow has launched its Debut by Redrow range.

FIRST-TIME buyers struggling to get on to the property ladder in Ipswich could benefit from homes selling from around £50,000.

In the latest move towards affordable housing, developer Redrow has launched its Debut by Redrow range.

The Evening Star can today reveal that the developer hopes to bring these homes to Ipswich in around a year's time.

John Tutte, Redrow's regional chairman for the southern region, said: "I think it would be particularly appropriate for Ipswich and there would be a good demand for them.

"House prices have risen a lot in Ipswich and people need something that is affordable to allow them to get on to the property ladder.

"I would like to think that in 12 months time we would have started to build something like this in Ipswich.

Most Read

"I think we can find a suitable site and I would be surprised if the local authority did not welcome it with open arms."

Borough councillor Liz Harsant welcomed the idea of affordable housing in the town.

She said: "In principle we welcome any opportunities which would enable more people to get on to the housing ladder and find a home in Ipswich."

This comes as new figures show first-time buyers continue to struggle, unable to buy a home in 92 per cent of British towns.

The figures, released today by The New Homes Marketing Board, show that only 361,000 people managed to get on to the housing ladder last year - accounting for 29pc of purchases - compared to 532,000 first-time buyers in 2002. And the average age of first-time buyers is now 34.

Redrow already has planning permission to build 103 Debut homes in Rugby.

The range will start from £49,995 for a 275sq ft, one-bedroom home, rising to £109,995 for a 700sq ft, two-storey, two or three bedroom home.

These prices are way under the average cost of an Ipswich home, which in October to December 2004 was £146,780, according to Land Registry figures.

Mr Tutte said he expected that the price of Debut homes in Ipswich, should they be built, would not be too dissimilar from those in Rugby.

Several factors help keep Debut homes affordable.

They will be high density, featuring communal garden space, and can be constructed quickly in around three weeks.

A concrete slab would be laid as a foundation before the prefabricated steel frame is installed.

The interior walls will be made of plasterboard and the roof will be made of steel sheeting made to look like slate.

The external walls would be brick on the ground floor, while the upper levels would be made of cement fibreboard designed to look like wood panelling.

Mr Tutte said: "It's the speed of the build that gives us the saving. It's important to have that where you are going to have a very strong demand. We are confident that the level of interest in the Debut range will be high."

The other factor is that Redrow can take up to 10 per cent of the price as an equity share.

This means the customer pays 90pc of the price, while Redrow would retain 10pc for up to ten years. The customer would then be able to buy it back at the original price.

Opinion – page 6.

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter