Crest Nicholson offers NewBuy at The Furlongs
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 Furlongs development in Hereford 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.
Amanda Benjamin, 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.
“The Furlongs 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 The Furlongs.”
The Furlongs is situated off the Roman Road in the sought after residential area of Holmer in North Hereford, and encompasses a contemporary selection of two, three, four and five bedroom homes in a variety of styles to suit all types of buyers.
Current prices at The Furlongs start from £142,950 for a two bedroom Rochester apartment, £205,950 for a three bedroom Kensington house and £234,950 for a four bedroom Carlton house. For more information, visit crestnicholson.com.