A show home at The Paddocks

DEVELOPER George Wimpey is about to finish construction on a site where more than 80 new homes have sold in less than 18 months.

The Paddocks is part of Merton Rise, a regeneration site that is bringing new communities into the Popley area of Basingstoke - and there are now only a dozen homes left for sale.

Three-bedroomed homes can be bought for just under £250,000 - the level at which stamp duty kicks in at three per cent.

And this is part of the philosophy of Rupert Price, sales and marketing director for the southern region of George Wimpey, in making homes more affordable and keeping people on the move.

He said: "People are fed up with hearing about a bad market. Those who want to move want to move. That's where we can facilitate it because we've got the ability to make it happen."

Apartments at The Paddocks sold almost as soon as they were released, and the houses, many of them three storey to offer flexible living, also had a success rate from selling off-plan.

The majority of the homes have gone to owner-occupiers and have attracted buyers further along the M3 motorway, from the more expensive areas outside London.

Mr Price said: "For many people, Basingstoke is really good value. It will remain popular and will sell well as a place to live with a lot to offer."

The mix of three and four-bedroomed homes still available were forecast to be sold by the end of June but, with a slowdown in the market, the target has been adjusted to July/August.

Mr Price added: "The market is challenging, but it's quite exciting as well. I remember the last time it was difficult - it's about getting back to basics and getting it right.

"The upside for clients is, if the market remains as it is, they are going to get even better service and quality."

He believes there will be little change in the market for at least a year, but he stressed: "There are always going to be people who want to move and there is generally a housing shortage."

Packages are being put together, such as part-exchange, to encourage buyers. Now George Wimpey is introducing a 75/25 per cent shared equity scheme, including deposits, stamp duty and legal fees paid, to help first-time buyers step on to the property ladder.

Taking an upbeat outlook, Mr Price said some confidence-boosting reporting from the national media would help, adding: "People can be very easily swept into doom and gloom."

2:24pm Thursday 19th June 2008

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