Help to Buy a roaring success at Central Plaza, Park Central

Award-winning residential developer, Crest Nicholson Regeneration, is celebrating the success of its Park Central development in Birmingham city centre after securing a raft of sales under the Government’s Help to Buy scheme.

Of the new homes sold at Central Plaza since its release to the market in February, almost 30 per cent have been purchased under the Government’s new equity loan scheme, Help to Buy. These figures contribute to Crest Nicholson’s national portfolio, where over 40 per cent of all homes sold have now been purchased under the popular scheme.

Committed to helping those people struggling to save a large deposit, Crest Nicholson was one of the first housebuilders to launch the scheme at its latest £15 million Central Plaza phase at Park Central.

Launched in April following this year’s Budget, Help to Buy gives people on all stages of the property ladder the opportunity to purchase a new home with a deposit of just five per cent. Under the scheme, a one bedroom apartment at Central Plaza will cost £93,600 (just 80 per cent of the £117,000 list price), plus an upfront deposit of £5,850.

Ruth Williams, sales manager at Park Central, said: “There is no better feeling than buying your first home, and Crest Nicholson is committed to finding new ways to make it easier for first time buyers to make that next step.

“Following the Chancellor’s budget in March, housebuilders across the UK waited in anticipation to see if the scheme would deliver what it promised, and it has truly exceeded all our expectations. For the first time in a long period, we’re seeing not just one or two, but swarms of young professionals able to get onto the property ladder and purchase a brand new apartment at Park Central.”

Almost universally credited with boosting the property market, Help to Buy allows people to purchase a home for just 80 per cent of the listed price – made up of a five per cent deposit to be paid by the purchaser, plus a 75 per cent mortgage. The remaining 20 per cent is provided in the form of an equity loan from the Government – the purchaser, however, owns 100 per cent of the property.

Ruth added: “We’re delighted that the apartments at Central Plaza are so popular with first time buyers attracted by the opportunity to experience ‘the best of both worlds’. With over eight acres of peaceful landscaped parkland central to the development to enjoy – not to mention the hustle and bustle of the city and its award-wining restaurants, shops and bars just a moment’s walk away – professionals seem to love it here.”

The 132 new apartments in Central Plaza are split over two iconic buildings at the heart of the development, which are now over 60 per cent complete. Built to a high specification, all the properties at Central Plaza will, when complete, present high quality fixtures and fittings including designer kitchens and contemporary Roca bathrooms with Porcelanosa tiling. The majority of apartments also benefit from secure gated parking.

The central location of the apartments at Central Plaza means each apartment boasts stunning views over the extensive landscaped parkland at the heart of the development, alongside impressive views across Birmingham city centre.

For more information about Help to Buy or to arrange a viewing of the show apartment at Central Plaza, people are directed to visit the Park Central sales office which is open daily from 10am to 5pm and is located at 61 Mason Way, Birmingham B15 2GE. Alternatively, visit parkcentral.co.uk.