New scheme opens up Milton Keynes property market

First time buyers in Milton Keynes struggling to get a footing on the property ladder have been thrown a much needed lifeline. Award-winning housebuilder Crest Nicholson has recently launched HomeBuy Direct at its development, Claridge Park.

First time buyers in the area will be given the opportunity to take advantage of the scheme where they will be able to purchase a stylish apartment for only 70% of the price.

HomeBuy Direct is a new initiative set up in conjunction with the Government designed to be a ‘stepping stone’ to home ownership. With the scheme, first time buyers are able to secure a brand new home at Claridge Park for just 70% of property’s asking price upfront, making an attractive two bedroom apartment at the development priced at £151,950 an affordable £106,365 with HomeBuy Direct.

Greg Ketteridge, Managing Director, Crest Nicholson (South) Ltd. commented: “HomeBuy Direct is a fantastic scheme that will give first time buyers the purchasing power to invest in a home of their own. We anticipate that HomeBuy Direct will really open up the market in this area, particularly to those who have been finding it difficult to get the funding required to match local property prices.”

Under HomeBuy Direct, purchasers will own 100 per cent of their new home from day one and the remaining 30 per cent of the property’s market value is funded by an interest free* “equity loan”, jointly financed by Crest Nicholson and the Government. The equity loan is not repaid for five years or until the property is sold, which ever is sooner. After 12 months, purchasers even have the opportunity to buy some, if not all of the property’s remaining equity at market value.

The development, situated in Middleton South, on the edge of Old Milton Keynes village, comprises a range of beautifully designed one and two bedroom apartments, perfect for first time buyers, couples and downsizers, as well as more traditional two, three and four bedroom mews-style houses, ideal for those with larger space requirements and families.

Milton Keynes, half-way between London and the Midlands, boasts some of the best strategic transport links in the country and is therefore an ideal choice for commuters. Claridge Park is within easy reach of both the M1 and M6, as well as Milton Keynes Central railway station, from where travellers can be in London in under 40 minutes and Birmingham in less than an hour.

Prices at Claridge Park start from just, £106,365 for a two bedroom apartment and £157,465 for a three bedroom house with HomeBuy Direct. For more information visit Crestnicholson.com/ClaridgePark.