House prices on their way down

The average house price in Rochdale has gone up by 4.1% in the last 12 months according to latest figures from the Land Registry. The average cost of a home in the town currently stands at just over £122,000, compared to £117,000 a year ago.

However, prices are currently on their way down after peaking at £123,687 in November last year.

In an attempt to counter the current credit crunch, some of the apartments at Redrow's Naden Mill (off Blackpits Road) and Church Gate (off Dale Street, Milnrow) developments can be bought for an initial cost 25% less than their usual price.

The incentive means that a two bedroom apartment that would cost £124,995, can currently be purchased for £93,750, with the remaining amount paid over a period of up to ten years.

Redrow sales director Christine Aitken said: "Not only will the customer legally own 100 per cent of the property from the outset they will not have to pay rent on the deferred element."

The company are opening fully furnished show apartments at both of the developments this weekend (Saturday 12 and Sunday 13 July).