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 St John’s Park development in Marlborough 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.
Tim Ridges, 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.
“St John’s Park is 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 St John’s Park.”
The St John’s Park development in Marlborough offers homebuyers the choice of 169 traditionally designed properties including three, four and five bedroom homes, all of which have a garage and parking space.
Set in the picturesque Wiltshire countryside, Marlborough is regarded as one of the most quintessentially English towns and features many interesting places to visit and well regarded schools. With its prominent location halfway between London and Bristol, the town has excellent transport links to the M4 in addition to bus routes and the nearby train station.
Prices at St Johns Park start at £228,995 for a three bedroom home. For more information on St Johns Park please visit the Sales and Marketing suite (open daily 10am – 5pm) or telephone 01672 511 133.