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£2.5m of sales for Preston flats
One of Preston's newest city centre developments has seen £2.5m of sales in the last month.
Developers behind The Room scheme on Lawson Street have sold 17 flats in the 85-flat project since introducing a rent to buy scheme last month.
That allows buyers to rent their apartment for 18 months before buying it at today's prices using 100% of their rent money as a deposit.
The latest sales mean that more than 70 flats have now been taken in the scheme which opened in September.
Frank Bretherton, chairman of developers Downtown Living, said: "The beauty for those taking advantage of this scheme is that they will be protected against falling prices and won't be paying 'dead rent'.
"From our point of view it is a real way of ensuring that properties are not standing empty and shows a commitment to first-time buyers and to driving the market forward.
"The importance of property-led regeneration in cities like Preston can not be underestimated. We have to remove the growing barriers that prevent people from becoming homeowners."
Beverley Kemp, regional sales manager estate agents Countrywide which is selling agent for the scheme, said the reaction had been "phenomenal."
She said: "We are able to give people confidence and time, so they can work towards securing the best mortgage knowing a good proportion of the deposit will be taken care of.
"I believe the success at The Room points the way forward."
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Saturday 04 February 2012
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