First-time buyers struggling to find an affordable home in Chelmsford could benefit from a new initiative, it has been claimed.
Housebuilder Gladedale is giving buyers the chance to purchase a home in Chelmsford through its shared purchase scheme.
This allows the buyer to pay three-quarters of their home's initial cost, while the outstanding amount can be paid over the next ten years, interest free.
Debbie Gallier, sales manager at Gladedale, said: "People are simply putting off getting a foot on the property ladder as they are disheartened by the cost of properties.
"This scheme is an ideal solution for many new home buyers. It means they can afford the home they want in the area they want now, without having to save for years in advance."
According to figures obtained by the BBC, the average cost of a Chelmsford property has risen by almost 11 per cent in 12 months and is now £259,541, which means most first-time buyers are effectively frozen out of the market.
See Also: Property News (6705)
Date Published: 18 October 2007
Related News
