New homebuying scheme helps purchasers in Southampton onto and up the ladder

Adding to the recent positive property market news that house prices have recorded their biggest ‘spring bounce’ in eight years, with prices in England and Wales increasing by an average of 1.6%*, Crest Nicholson is offering buyers a helping hand onto and up the property ladder at Empress Heights in Southampton thanks to the ‘NewBuy’ scheme.

NewBuy will be operated by the home building industry and mortgage lenders working in partnership with the Government. Unlike previous schemes, NewBuy is aimed not just at first-time buyers but also at existing homeowners who are unable to find the high levels of deposit required by many mortgage lenders. With the scheme, purchasers need only provide a 5% deposit with the lenders participating in the scheme providing a 90% - 95% loan to value mortgage for buyers meeting their qualifying criteria.

Christine Tiernan, Sales and Marketing Director for Crest Nicholson South, said: “The introduction of NewBuy is excellent news for the UK property market. Since the dip in 2008, market recovery has been restricted, largely as a result of the lack of first time buyers able to raise the deposits required to own their own home. Not only will NewBuy enable first time purchasers to buy their own home with a more realistic and affordable deposit, but existing homeowners can also take advantage of the scheme to climb the property ladder.

“Empress Heights is a highly popular development already with buyers at all stages of their home-owning career but many purchasers have been unable to afford the deposit required by mortgage lenders. NewBuy will help many buyers realise their dream of home-ownership and we look forward to welcoming them at Empress Heights.”

Empress Heights will be within walking distance to the West Quay shopping centre, restaurants and bars along the popular Oxford Street and Ocean Village marina. The development is also close to Southampton’s Leisureworld - a cinema, restaurant and bar complex – health and fitness facilities and the city’s parks.

Southampton Central train station is just one mile from the development, with direct services to nearby Portsmouth, Winchester and Bournemouth and fast trains reaching London is less than one hour 20 minutes**. Commuters can easily reach the M27 and M3 and Southampton Airport – which offers around 50 European destinations – can be reached by bus or train.

Prices for one bedroom apartments under the NewBuy scheme will start from £123,500 and £152,500 for a two bedroom apartment. For more information, please call 0870 751 3960. Alternatively you can visit www.crestnicholson.com/empresshieghts.

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