New and affordable homes in Colchester selling out


Friday 2nd July 2010

New home developer Redrow Homes has announced that just 11 new build homes at The Myle development in Colchester, Essex, remain for sale, reflecting strong demand for new homes in the area.

The sought-after venture, located in a semi-rural location off Mill Road, features a selection of four-bedroom homes, with five of the units available to be purchased for a fraction of the normal cost using the government-backed scheme HomeBuy Direct.

The initiative gives eligible buyers the opportunity to purchase a brand new home initially for 70% of the normal price.

Beryl Williams, area sales manager for Redrow Homes (Eastern), said: "Making that all-important first step onto the property ladder can be tricky but would-be homeowners needn't worry, as Redrow and our HomeBuy agent will take time to guide them through the application process and make everything as simple and straight-forward as possible.

"However, they may want to act fast as we have just a handful of properties at The Myle available through HomeBuy Direct before the development is a sell out.

HomeBuy Direct customers receive an equity loan of up to 30% of the property price, jointly funded by Redrow and the Homes and Communities Agency, enabling them to purchase a new home at a price they can afford.

It means the four-bedroom ‘Ouse' and ‘Ribble' homes in this prime Essex location, normally costing £249,950, could be snapped up for £174,965. The balance can be paid back when they have more funds available or when they come to resell and, crucially, the loan is interest-free for the first five years.

Customers with a household income less than £60,000 per annum may be eligible for HomeBuy Direct and it's open to first-time buyers, those re-entering the property market after a change in circumstances, such as divorce or a relationship break-up, and families who can prove they need extra space.

The remaining four-bedroom homes are priced from £225,950 to £315,950.

The Myle is situated within easy reach of Colchester town centre and also has convenient access to the A12, while rail links from Colchester North Station offer journey times to Ipswich of less than 20 minutes and to London Liverpool Street in around an hour.