Barratt lures buyers with free insurance

Barratt lures buyers with free insurance

Ruth Bloomfield
16.03.09

ONE of Britain's biggest house builders is offering new buyers a way to "recession-proof" their property in a bid to encourage sales.

Barratt Homes is giving away a year of the insurance on new developments in London so the owner is covered for up to three years if he or she is made redundant. The deal - thought to be worth about £1,000 - is the latest example of a developer offering sweeteners to potential buyers.

A spokeswoman for Barratt London said that the insurance would be offered with every new home bought, and would "insure buyers against being unable to make their mortgage re-payments through no fault of their own".

It applies to 500 Barratt homes on sale in London and the Thames Gateway, including developments in Kennington Park Square, and a block called The Sanctuary, in Wimbledon.

The offer coincides with a poll today by YouGov which reveals that almost 90 per cent of Londoners still aspire to home ownership, despite fears of falling house prices and job losses.

The survey - carried out for the New Homes Marketing Board - found that 88 per cent of people in London believe that buying a home is still a sensible investment. This is only two per cent off a similar survey taken nine months ago, before the credit crunch had taken hold, which found that 90 per cent supported home ownership.

Adam Lawrence, Barratt London and Thames Gateway's managing director, said: "Whether it's illness, injury, redundancy or something else unexpected, this policy will ensure mortgage repayments are covered in full for up to three years. It's a welcome element of reassurance in uncertain times."

Another developer offering sweeteners is property firm Ipsus. The company is offering anyone who buys a flat in its Ipsus01 development in Hardwicks Square, Wandsworth, a £20,000 package of free goods.

These include Waitrose vouchers, a Zones 1 and 2 travelcard, and council tax paid for a year.