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Affordable commuter homes draw Londoners to Chelmsford

28th May 2015 Print
City Park West

Chelmsford has long been a popular commuter town for professional families but with an increasing number of high quality affordable homes and improving rail connections, the city is becoming ever more popular among younger commuters. Londoners who cannot afford to buy a property in the capital are taking advantage of the value gap between London and its surrounding counties, finding excellent value for money in Essex. At City Park West in Chelmsford, Genesis is offering a stylish collection of new apartments through its shared ownership scheme that are ideally located for a daily commute into the City.

Now more than ever Essex is witnessing an influx of buyers who are priced out of London. The average property value of an apartment in London currently stands at £483,956 according to Zoopla, whereas Chelmsford offers much better value with an average apartment value of £166,571. For those seeking to get their first foot on the property ladder, Genesis’ shared ownership scheme makes it even more affordable - a one-bedroom apartment at City Park West starts from just £46,250 based on a 25% share. Even taking into account the cost of travel, this is much more achievable for first time buyers.

City Park West is a landmark development right in the heart of Chelmsford offering 18 shared ownership apartments in its first phase. It could not be better placed for commuting into London, situated right next to the train station, offering direct services to London Liverpool Street in as little as 34 minutes. With millions of pounds invested into future improvements on the Great Eastern Main Line, not to mention Crossrail connections that will run from Shenfield which is one stop away, rail services between London and Chelmsford are only set to improve, making life easier for commuters.

Anthony Harker, Head of Commercial at Genesis, comments: “Many young professionals currently renting in London are eyeing Chelmsford as a place where property is more affordable, the journey into London is quick but moreover that it is a small city with a buzz of its own. These are people who want an alternative to the high prices and chaos of London, but are not ready to move to a sleepy countryside location. For first time buyers who work in London and want to get a foot on the property ladder, City Park West is a great option.”

City Park West offers a selection of contemporary one and two bedroom apartments in a range of layouts. All properties are designed to a high quality specification, with open plan living spaces, stylish kitchens with integrated appliances and dedicated undercroft parking spaces.

When complete, City Park West will offer around 500 new homes alongside retail, office and community space, all set around a new landscaped public square. The scheme incudes the refurbishment of three listed buildings, helping it blend seamlessly with Chelmsford’s historic centre.

Given city status in 2012, Chelmsford is the capital of Essex and offers excellent shopping and a vibrant nightlife. Its shopping centres and bustling high street offer all the big name brands, while a wide choice of pubs, restaurants and wine bars mean that those who have moved out of London won’t feel like they are missing out on a social life.

Under Genesis’ shared ownership scheme buyers can purchase between 25% and 75% of the property, paying subsidised rent on the remainder, and can increase their share at any time, all the way to 100% and outright ownership. The scheme is specifically designed for first time buyers whose household income is less than £60,000 a year.

One bedroom apartments at City Park West start from £46,250 for a 25% share, based on a full market value of £185,000. Two bedroom apartments start from £58,750 for a 25% share, based on a full market value of £235,000. To register your interest, visit genesishahomes.org.uk.

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City Park West