House building firm Redrow has aimed to provide its customers with certainty over the investments by making them a "house price protection promise", it has emerged.

Anyone selling a Redrow home for less than they bought it within the next three years can expect the have the discrepancy refunded to within ten per cent, the company has explained.

The pledge is designed to allay some of the fears among would-be property buyers in the UK amid the uncertainty surrounding house prices and interest rates and is part the re:assure from Redrow initiative.

Redrow's marketing director Simon Bennett said: "many developers offer deals to potential customers "as soon as they walk through the door" without encouraging them to think about what it is that they really want.

"We are taking a different approach and saying to our customers 'find the home that ticks all your boxes, suits your lifestyle and makes you go 'wow', then talk to us about how you can achieve it.'"

According to figures from the Council of Mortgage Lenders, the amounts being borrowed relative to average incomes by first-time buyers in the UK have fallen in each of the four most recently assessed months.