Despite the number of first time buyers hitting the highest levels in two years, the number of new homeowners is still lower than half the 30-year average*. A combination of high deposit levels and tough lending criteria are making it difficult for new buyers to break into the property market. Award-winning developer Crest Nicholson, however, is offering buyers a helping hand onto the property ladder at its Cedars Park development in Stowmarket, with the Government-backed FirstBuy scheme. With FirstBuy, purchasers can own a three-bedroom Leigh house for just £143,600. FirstBuy is designed to help struggling first time buyers onto the property ladder in a way that they can afford. The initiative means that purchasers will own 100% of their home for just 80% of the price as Crest Nicholson and the Homes and Communities Agency offer a loan of up to 20% of the full purchase price**. The loan is interest free for the first five years, after which a low rate of 1.75% is payable. Loans must be repaid when the home is sold.
Annette Cole, Sales & Marketing Director for Crest Nicholson Eastern, said: “We are delighted to be able to offer FirstBuy on the Leigh houses. The average age of first time buyers in the South East has increased to 34***, by which stage many buyers are either considering starting a family or already have children and are keen to put down roots and have the security that owning their own home brings. They need the space and garden that a house can provide; the traditional first time home of a one, possibly two-bedroom, apartment can be unsuitable for today’s buyers.
“With FirstBuy, however, buyers can make their first home a house in which they can stay for longer without having to move to a larger home in just a few years. Thanks to FirstBuy, the Leigh family home is now more affordable for first time buyers. We appreciate the difficulties of getting onto the property ladder that many buyers face and Crest Nicholson has continued to offer a range of incentives and purchasing schemes, such as FirstBuy, throughout the economic downturn to help buyers get onto or climb the property ladder.”
With an open-plan, generous living area, spacious and light filled rooms, plenty of storage and a private garden, the Leigh house is ideal for young professionals and growing families. The homes have three good-size bedrooms and the master bedroom boasts fully fitted wardrobes and an en-suite bathroom. As well as a family bathroom, Leigh properties also benefit from a ground floor cloakroom.
Rendered in a cream finish and with red roof tiles, the Leigh has excellent eco-credentials and is rated Level 3 in the Code for Sustainable Homes. For householders, this means a well-insulated, healthy home that is economical to run, thanks to many energy and water saving features.
Surrounded by beautiful Suffolk countryside, Cedars Park has grown into a lively community with its own local amenities including nearby convenience stores and a primary school on site, which has been rated as ‘Good’ by OFSTED. Conveniently located close to Stowmarket station, commuters at Cedars Park are only 35 minutes away from Norwich and just over an hour away by train to London Liverpool Street.
Cedars Park has recently been awarded planning approval for the Village Centre phase and a community facility. The village centre, which will feature a central area of open space and a football pitch, will provide a green heart to Cedars Park and will create a distinct sense of space and openness to the site.
Current prices for Leigh houses at Cedars Park start from £179,500 or from £143,600 with FirstBuy. Also currently available at Cedars Park are three-bedroom houses with prices starting from £172,000 and four-bedroom houses starting from £202,500.
For further information, please call the Sales and Marketing Suite, Cedars Park, Osprey Drive, Off Creeting Road, Stowmarket IP14 5GD on 0870 755 1620 or visit www.crestnicholson.com/cedarspark
– Ends – *http://www.thisismoney.co.uk/money/mortgageshome/article-2187664/First-time-buyers-hit-highest-level-years-mortgage-squeeze-locking-out.html **Up to £280,000 ***http://www.mortgagestrategy.co.uk/average-age-of-first-time-buyer-is-30/1049472.article