First time buyers queue round the block for Redrows' answer to English Partnership's £60,000 challenge.
Redrow Homes has been inundated by first time buyers desperate to reserve homes priced from only £49,995.
The housebuilder launched its Debut range at the weekend in Rugby. It said that 200 people waited several hours to reserve one of the 103 homes.
Redrow has undercut the English Partnerships’ design for manufacture competition, which is calling on housing suppliers to provide a high quality home for £60,000. This does not include the cost of the land, which is included in the price of the £49,995 Debut homes.
Buy-to-let investors were barred from buying one of the homes, which are priced from £49,995 for the one-bedroom apartments. Redrow retain an additional £5,000 shared equity for up to ten years. Two-bed homes are priced from £89,995 to £109,995 (pluse £9,000 and £10,000 of shared equity).
Redrow said it had been granted planning permission for 71 similar Debut homes in Chorley, Lancashire and an application had been lodged to build the properties at Castle Vale in Birmingham.
