Press Release

22nd May 2007
The downsizing challenge

Housebuilder encourages homebuyers to release capital from their properties

Equity release part exchanges are proving to be a big hit with homebuyers on Tyneside, as housebuilder William Leech 55+, which builds homes for the over 55 year-old market, has witnessed a surge in sales at its Gateshead development since launching the incentive.

One of the first developers in the UK to offer the service, the equity release part exchange works like a normal exchange except instead of using the property as collateral to buy a larger home, William Leech is allowing homebuyers to cover the cost of their smaller apartment and then reimbursing the remaining cash to be spent or saved.

Homebuyers across the North East are welcoming the service, as not only does it allow them the opportunity to release the capital that they have accrued on their larger family homes, but it also speeds up and takes the stress out of the homebuying process.

One couple who opted to take advantage of the service are Sheila and Walter Whitehouse. Sheila, 67 and Walter, 72, downsized their three bedroom home in Gateshead to move to William Leech’s flagship development, St James’ Court, St James’ Village in Gateshead. Using the equity release part exchange, they now live in a two-bedroom apartment on the development which they bought for £132,000, meaning they received a cash payment of £31,000.

Walter commented: “We wanted to move to a smaller place, but were having difficulty selling our family home, and then William Leech suggested an equity release part exchange.

“We couldn’t believe our luck when it was explained to us in more detail. There were no estate agents fees to pay and we accepted their offer straight away. The move couldn’t have been easier as the flat was ready and we were in our apartment just eight weeks later, once the paperwork had been tied up.”

Kevin Thubron, spokesman for William Leech 55+, added: “After a number of enquiries from interested buyers who were having difficulty selling their family homes, we developed the equity release part exchange. So far, the response we have received from homebuyers has been incredible; we have even needed to release some properties for sale early, to help cope with demand.

“More and more people who are either retired, or moving into retirement, are looking to downsize their homes, take advantage of the property boom and raise the funds to allow them to enjoy a comfortable lifestyle, which might also include fulfilling travel ambitions. William Leech 55+ apartments are easy to maintain and with a concierge service, entry-phone system and security alarm to each apartment, they give added peace of mind whether at home or abroad.”

In addition to the equity release part exchange, homebuyers are also offered their five per cent deposit paid and a financial wealth check to help with their retirement planning. Each homebuyer is given a free consultation with an independent financial representative from regional law firm Dickinson Dees to help them to safeguard assets, learn how to invest wisely and, most importantly, enjoy their money.

Apartments for sale at St James’ Court start from £96,950. For further information please call our sales advisor on 0191 477 4820 or visit www.williamleech55plus.com.

Ends

Issued on behalf of William Leech 55+ by Admiral PR and marketing.  For further information contact Steve Abbott or Georgina Dunkley on 0191 222 0722.  Email steve.abbott@admiralpr.com or georgina.dunkley@admiralpr.com.