Riverside Quarter bucks the trend

The latest Halifax House Price Index reports a decline in the average UK house price of 1.7 per cent in April and forecasts further price declines are likely. However, Barratt Homes can report there are new homes developments that are bucking this trend, where prices will actually be increasing.

One such development is Riverside Quarter, a scheme of 105 one and two bedroom apartments on the banks of the River Stort in Bishop’s Stortford.

Glyn Hopping, managing director at Barratt North London, says: “We launched Riverside Quarter in January, a traditionally quiet time of the year for the housing market, and have already sold 50 apartments. We are now averaging around three sales a week.

“We kept prices deliberately low in the first phase at Riverside Quarter due to market conditions but we cannot keep them this low indefinitely. This is a highly attractive development in a prime location and there is no shortage of interest from buyers. We have a handful of homes to sell by the end of June, then after June prices on the remaining homes will go up by around 10 per cent, in line with our projections for the development.”

Barratt says 70 per cent of purchasers at Riverside Quarter are cash buyers from the Bishop’s Stortford area, with local people recognising a good deal when they see it. Glyn adds: “Buyers are telling us their cash is much better invested in bricks and mortar than in the bank.”

First time buyers, key workers and others who are currently renting can not only benefit from the current low prices, they can also apply for the Government-backed HomeBuy Direct scheme. This opportunity means they only have to find 70 per cent of the purchase price themselves. The other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency.

HomeBuy Direct is also available to people who have previously owned a home but are now unable to do so; perhaps where relationships have broken down. Households eligible will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market. There is no interest to pay on the equity stake for the first five years, although a small fee will be charged from year six onwards.

Buyers can redeem the loan in instalments, purchasing up to 100 per cent of the equity after their initial purchase by buying additional equity at the market rate. Alternatively, if they sell their home, the equity loan is repaid by way of a proportionate share of the sale proceeds.

Situated on the banks of the River Stort, in a new public square, Riverside Quarter could not be better placed. The homes, many of which have river views, are opposite the stylish new Jackson Square shopping mall, adjacent to Marks & Spencer and a large Sainsbury’s and a short walk away from the shops, cafés, bars and restaurants in the town centre.

Transport links are excellent. Bishop’s Stortford station is just minutes away, providing fast services to London Liverpool Street in around 40 minutes. Alternatively, from Stansted Airport, less than five miles away, services to London run every 15 minutes.

Prices start from £140,000 for a one-bedroom apartment and from £182,500 for a two-bedroom apartment. For more information on Riverside Quarter, the HomeBuy Direct scheme and other excellent offers currently available, visit Barratthomes.co.uk.