Bristol home buyers given helping hand by developer
The mortgage market has started to see a light at the end of the tunnel as this summer saw the number of mortgages taken out by first-time buyers reach a ten-month high. According to the Council of Mortgage Lenders, the number of loans given to borrowers in June 2011 was 24% higher than the previous month and the highest since August 2010*.
Crest Nicholson has experienced the rise with more new borrowers making their mark on the property market. The award-winning housing developer is offering its popular EasyBuy and FirstBuy scheme exclusively to first-time buyers at The Junction in Stoke Gifford and The Moorings in Port Marine, Portishead, allowing them to purchase a property with only a small deposit.
Laura Osborne, Sales Manager for Crest Nicholson South West, explains: “This news is exactly what the property market needs. Lending is improving steadily for first-time buyers who only have a small deposit and Crest Nicholson will continue to support new purchasers to help them onto the ladder.
“The EasyBuy and FirstBuy scheme’s popularity is a reflection of the recent market results and although the industry may not be out of the woods just yet, it’s encouraging to see that confidence is returning to the property market.”
With EasyBuy, purchasers have an opportunity to own 100 per cent of their new home at 85 per cent of the price, paying no rent or interest on the outstanding 15 per cent for the first five years.
With FirstBuy purchasers will own 100% of their home for just 80% of the price, as Crest Nicholson and the Homes and Communities Agency offer a loan of up to 20% of the full purchase price. The loan is equity free for the first five years, after which a fee of 1.75% is payable. Loans must be repaid when the home is sold.
The Junction is a small and exclusive development, comprising just 22 stylish homes, including two bedroom apartments and coach houses and three bedroom terraced and semi-detached homes, perfect for first time buyers or those looking to start a family. With its close proximity to the M4, M5 and M32 motorways, in addition to Bristol Parkway station and excellent cycle routes, The Junction is perfectly located for commuters or homebuyers looking for a quick and easy route into the centre of Bristol.
The Moorings comprises an eclectic seven storey building, which includes 31 contemporary two bedroom apartments, many of which have spectacular waterside views. The apartments offer homebuyers open plan living areas with the added luxury of a private balcony or terrace to enjoy relaxing by the water and taking in the stunning views.
Prices at The Junction currently start at £130,900 for a two bedroom apartment with EasyBuy.
Prices at The Moorings start at £148,750 for a two bedroom apartment with FirstBuy. For more information visit the on-site Sales and Marketing suite, which is open seven days a week from 10am to 5pm, or visit portmarine.co.uk.
*cml.org.uk, 10 August 2011