Soaring success for Farnborough apartments
A new phase of apartments in Farnborough is off to a flying start with five sales secured in just two days.
Developer Redrow is attributing the success of the apartments at Farnborough Central to the winning combination of the location, specification and the help of a Government-backed scheme.
The apartments are being built on the historic site of the former Royal Aircraft Establishment. Homes currently available enjoy a prime position with views over the open space of the airfield.
Helen McGill, area sales manager for Redrow Homes (South Midlands), commented: “Apartments at Farnborough Central have been simply flying out. We launched Vulcan House six months ago and have now sold 40 of the 44 apartments in that phase. Following that success we’ve now released a further phase, also overlooking the airfield, and we’re delighted to have sold five apartments at Lincoln Court in just two days.
“Part of the appeal for first time buyers is the availability of FirstBuy, which helps make setting up home easier to afford. Eligible purchasers take out a 20% equity loan, interest free for five years, so may only need a deposit of 4% and a 76% loan to value mortgage to get onto the property ladder.”
Using FirstBuy, a one-bedroom apartment at Farnborough Central that would normally cost £150,950 can be snapped up for an initial outlay of £120,760. The remaining £30,190 of the purchase price is covered by the equity loan, which is jointly funded by Redrow and the Government.
With a smaller deposit and much lower monthly mortgage repayments, home owners can afford to take their first steps on the property ladder. Qualification is easy as long as they are a first time buyer or a returning buyer with a household income of less than £60,000 per annum.
“FirstBuy is a fantastic way to make that crucial first step onto the property ladder, but it’s not just first time buyers who’ve been keen to purchase an apartment at Farnborough Central. The development’s also proving popular with downsizers and buy-to-let investors too,” Helen added.
“The location is a real selling point as the apartments are conveniently close to a wealth of amenities at IQ Farnborough, including a cafe, crèche, four-star hotel and leisure complex. It’s also a great base for commuters as trains from Farnborough Central will whisk them in to the capital in around 45 minutes.
“People continue to be impressed by our standard specification and they’re surprised by all that we include. Kitchens boast integrated top brand name kitchen appliances such as fridge freezer, oven, hob and extractor plus washer-dryer; while bathrooms enjoy sleek modern suites and quality fixtures and fittings.”
NewBuy is also available at Farnborough Central, which means buyers can take out a 95% mortgage with a number of participating lenders.
Visit redrow.co.uk for further information.
