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22:38 on Wednesday
23 July 2008

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Larkfleet 'regrets' bank rate rise

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Bourne (Lincolnshire) based housing developer Larkfleet Homes has said it 'regrets' today's (5 July 2007) decision by the Bank of England's Monetary Policy Committee to increase bank base rates. Interest rates went up for the fifth time in less than year, hitting a 6-year high of 5.75 per cent.

Larkfleet managing director Karl Hick said: "It is becoming harder not just for first time buyers but also those already on the property ladder to buy and sell homes. It is not uncommon in the housing market now to find 'chains' of five, six or seven households in which everyone is waiting for everyone to sell their home before anyone can move.

"Anything which makes mortgages more expensive can only make the chains longer - and more likely to break."

To help would-be purchasers of its new homes break free of their chains, Larkfleet has introduced a number of schemes. People who sign up to buy a new Larkfleet home may be eligible for:

A scheme where Larkfleet will pay the estate agent selling the buyer's existing home an additional one per cent commission, to provide an incentive for a swift deal.
A 'back to back' scheme, in which Larkfleet appoints three estate agents to sell the buyer's existing home and manages the entire sales process.
A part exchange scheme, where Larkfleet will itself purchase the buyer's existing home.
A 'helping hand' scheme which offers the buyer up to 500 of accessories for the new home if he or she uses a member of Larkfleet's nominated financial advisor panel to arrange the mortgage and a member Larkfleet's nominated solicitor and conveyancing panel to handle all the legal paperwork - helping Larkfleet to ensure the sales process is swift and handled without a hitch.

Larkfleet sales director Helen Jones said: "The different schemes suit different circumstances - and, of course, there are conditions which buyers must meet to make use of any of them.

"Our aim, though, is to make the purchase of a new Larkfleet home as swift and easy as possible. Breaking the chain not only helps our own purchaser, it also means greater certainty for the person moving into the buyer's old home - so we can help to shorten that chain as well!"

Larkfleet is currently offering new homes on developments in Bourne, Turves and Lincoln in Lincolnshire and in Eye in Cambridgeshire. For details call 01778 391555 or visit www.larkfleethomes.co.uk

July 2007 - Peterborough UK Community Website




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