NewBuy scheme available at Priory Point in Reading
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 Priory Point in Reading 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.
“Priory Point 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 Priory Point.”
Priory Point offers the perfect combination of town and country living, with the shops, bars and restaurants of Reading town centre within walking distance, and the open vistas of Prospect Park just behind the development, as well as the lakes and waterside walks around the Kennet and Avon Canal just a mile away. The development is also ideally located for commuters, situated along the ‘M4 corridor’ with easy access to Slough and Windsor, the M25 and London, as well as Swindon, Bristol and Wales to the West.
Prices for a one bedroom apartment under the NewBuy initiative start at £149,950 and £189,950 for two bedrooms. To visit the show homes or for more information, please visit the Sales and Marketing Suite at Priory Point which is open Thursday to Monday (10am – 5pm). Alternatively, visit crestnicholson.com.