Interest from buyers in West Drayton homes

A PROPERTY developer in West Drayton is reporting surging interests from first time buyers in spite the gloomy financial markets.

St George, who own the Park West development in Porter's Way, launched their MyChoice Homebuy scheme in late October to help first time buyers get on the property ladder and are pleased at the response they have had so far.

The buying process takes six to eight weeks to complete so several buyers are currently midway through deals.

Ian Dobie, managing director of St. George, said: "The scheme allows first-time buyers and key workers the opportunity to buy a brand new property and we are pleased to report that staff at Parkwest have so far experienced very good levels of interest."

So far since October more than 1,000 visitors have checked out the new apartments, which are complete with gym and concierge.

The operations director of Firstrung has said that first-time buyers are the least likely group to have their homes repossessed under the current economic conditions.

Paul Holmes said this group is unlikely to face the same difficulties repaying their mortgages as families who have recently upgraded to larger houses.

First-time buyers have tended to take out mortgages that are "very manageable", with the average loan being £115,000 over the past two years. In contrast, buyers with mortgages in excess of £250,000 on a four or five bedroom property are likely to have "real problems", Mr Holmes warned.

First time buyers are also believed to be the group least at risk from repossessions.