First time buyer heaven at Bauhaus, Croydon
According to new research by the National Association of Estate Agents (NAEA) the number of first time buyers in the market increased from 22% in July 2009 to 36% in August 2009. This is a significant improvement compared to the same time last year when the figure was just 8%. This comes as no surprise to Durkan Estates who has seen increased interest from first time buyers at it’s Bauhaus development in Croydon.
Kathryn Price, Development Manager for Durkan Estates, comments: “Bauhaus is ideal for first time buyers because of the great transport links to the centre of London and the vibrant lifestyle in Croydon. With prices starting from £155,000 for a one bedroom apartment, £190,000 for a two bedroom apartment and £285,000 for a three bedroom penthouse, our properties are very accessible to young professionals and couples alike. In addition, we have a range of properties available through the government backed HomeBuy Direct scheme where first time buyers only pay 70% of the purchase price”
Situated just off Croydon High Street Bauhaus is within walking distance of both East and West Croydon train stations. Bauhaus is a stunning new build development on the doorstep of Croydon’s cultural quarter and offers exceptional attention to detail. Featuring a collection of one and two bedroom apartments, three bedroom penthouses and two bedroom mews houses, all of which feature contemporary Lemongrass kitchens with an integrated stainless steel oven, ceramic hob and extractor hood, as well as stainless steel sinks and mixer taps.
The bathrooms at Bauhaus come with Luxury Roca white sanitary ware with steel baths and over the bath shower with glazed bath screen, selected apartments have an en-suite shower room and balconies. Bauhaus also features a landscaped communal courtyard and a 10 year NHBC warranty.
Under the HomeBuy Direct scheme, Durkan Estates will allow for a property to be bought at Bauhaus for 70% of the purchase price with no deposit required. The remaining 30% is provided as an equity loan which comes interest free for the first five years. To be eligible for HomeBuy, the applicant’s household must earn less than £60,000 per year and be unable to finance a property in the area where they currently live or work. An equity loan of up to 30% of the property price will be provided meaning the purchaser only needs to arrange finance for the remaining 70%, which can be done by arranging a regular market rate mortgage. The buyer can then purchase up to 100% equity of the property in installments after they have moved in, or proportionally share the remaining equity of the house when it is sold at the current market rate.
Over £3.5bn has already been committed to Croydon’s regeneration programme which will include upgraded transport links, a major retail centre and entertainment amenities which will rival London’s West End. Croydon has two mainline railway stations offering services to the centre of London in just 16 minutes as well as being only 15 minutes away from Gatwick Airport by train.
Interested purchasers can now visit the development’s on-site showhome – a fully furnished apartment open Thursday to Monday from 10am to 5pm. Market prices start from £155,000 for a one bedroom apartment, up to £285,000 for a three bedroom penthouse. For further information and to arrange an appointment, visit bauhaus-croydon.com.
