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 its Silk Meadows development in Taunton 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.
Laura Osborne, Senior Sales Manager for Crest Nicholson 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.
“Silk Meadows is set to be a highly popular development 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 Silk Meadows.”
Crest Nicholson’s Silk Meadows development is situated on the edge of the village of Staplegrove, just one and a half miles from Taunton town centre and will bring 67 new homes to the market when it officially launches in April with the opening of an impressive show home and on-site sales & marketing office.
Prices at Silk Meadows start at £160,000 for a two bedroom Sandown house type and £195,000 for a three bedroom Huntingdon. For more information, please call 0845 894 3247, email email@example.com or visit www.crestnicholson.com/silkmeadows. Alternatively visit Greenslade Taylor Hunt estate agents at 13 Hammet Street in Taunton or call 01823 277121.