9:20am Thursday 6th November 2008
By James Calnan
Banks failing, governments spending billions propping them up, unemployment rising – there is little light shining through the doom and gloom when it comes to the world’s economies.
While most of us are just trying to hang on to what we have got, be it a job, a mortgage or a car, developers are coming up with all sorts of enticements to encourage us to take the plunge in the housing market.
House prices appear to be steadily falling, and people are willing to sell.
One development with a difference is the Woodrow scheme near Eight Ash Green, near Colchester, which has just come on to the market through ucompleteit.co.uk.
The site, off the A1124 near Eight Ash Green, has 15 homes, ranging from two to seven bedrooms, and comes with a twist.
The houses themselves are watertight, with all the power supplies ready to go, but the interiors can be set up and designed to the liking of the homeowners.
Naturally this makes them less expensive to buy than a fully-finished equivalent.
Norman Powell, director of N R Powell Developments, which runs ucompleteit.co.uk, says it works out much cheaper for buyers to commission the construction of internal fittings themselves.
“It saves them tens of thousands of pounds,” he said.
“We’ve done this many times before across East Anglia. Everyone helps each other to complete the work and it sets up a great community spirit on site.
“They bought houses they could never have afforded normally, so it’s a great way to get into the market.
“It really is a hard marketplace and we have to work hard for each sale so we have to do what we can for the buyer.”
Elsewhere, Flagship Homes is offering an oven and hob with its remaining apartments at Bloomsbury Mews, Colchester, while anyone visiting Barratt Homes’ Hawthorns development, in Witham, last month was entered into a draw to win a “fabulous” skiing holiday.
Such eyecatching schemes are not the norm, however, with financial support more likely to be offered at a variety of developments in Colchester.
“Deposit Paid!” screams the advert from Bryant Homes for its two-bedroom apartments at Churchill Gate, while Higgins Homes markets its Imperial apartments in Clarendon Way with the line: “Why rent when it’s cheaper to buy?”
Those wanting to buy a house but worried about a property chain scuppering their move can approach Linden Homes, which promises to buy their home for an agreed price and take on responsibility for marketing and selling it.
Barratt also offers Dream Start, where a property such as a one-bedroom place at Colne View can be bought for 75 per cent of the price, with the remaining 25 per cent made up of an interest-free loan which can be paid back when possible over the next decade.
Barry Hayes, sales manager at the Colchester office of Boydens estate agents, said rather than offer “shells” for buyers to finish, larger developers are more likely to offer help on the money side of things, as they have more financial clout.
“A lot of this is stuff that has been around for some time but has now become more high-profile,” he said.
“No major new things have come forward.
“It’s usually the same old tricks that we’re seeing.
“In this day and age it’s all about money and money is tight for a lot of people.”
Mr Hayes believes anyone lucky enough to be able to pay a deposit can find a bargain, as developers have to sell their units.
“I think from the developer’s point of view they are not looking to make major profits at this stage,” he added. “They just need to keep selling the units.
“If they don’t sell properties they’re not going to be in business at the end of the day. If you’ve got the means and money to buy a property then I dare say there will be a little bit of a discount.
“It’s like Tesco – if you keep looking around you can pick up some good deals.”
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