Buying a home at The Exchange is cheaper than renting

With help from the Government’s First Time Buyers’ Initiative (FTBI), by purchasing a brand new two bedroom apartment at Crest Nicholson’s development The Exchange in Tunbridge Wells, purchasers could save up to 24% on their monthly expenditure compared to renting an equivalent property in the area.

Typical rental values for a two bedroom apartment at the scheme average £850 but with an affordable mortgage (minimum of 50% of the total purchase price) and Government assistance, a purchaser of a two bedroom apartment typically costing £235,000 but potentially £117,500*, could look to spend £646 on a monthly mortgage, a saving of £204.

The Government’s First Time Buyers’ Initiative is run by the national regeneration agency English Partnerships and provides aspiring first time buyers access to open market properties at affordable prices. Unlike other schemes, purchasers will own 100% of the property – it is not part rent or affordable housing. Depending on its equity share, the Government will have entitlement to the future proceeds from the sale of the property.

The Exchange comprises 123 one and two bedroom apartments and four bedroom townhouses. The scheme has proven particularly popular and just a selection of apartments remain for sale.

Whilst the architecture echoes the traditional regency style that is in-keeping with the local vernacular, internally homes are fresh and contemporary. All apartments offer stylish, open plan living and kitchen areas, with many benefiting from large bay windows that allow the sunlight to flood in.

Fully fitted kitchens contain a selection of Commodore appliances, including an integrated fridge/freezer and integrated washer/dryer. The smart bathrooms incorporate sanitaryware from Villeroy and Boch and sleek chrome Hansgrohe fittings.

Excellently positioned on Culverden Park Road, the scheme is just a short walk from the town centre and the wide range of retail and leisure facilities it has to offer including a full range of high-street brand names and cafes, restaurants bars and pubs.

Tunbridge Wells boasts excellent connections; Tunbridge Wells Station is just a short walk from the scheme and provides efficient services in to London Bridge, London Waterloo East and London Charing Cross in just over an hour. Alternatively, the nearby A21 provides swift access south to the coast and London and the M25 to the north.

Pippa Bugby, Sales & Marketing Director, Crest Nicholson (South East) Ltd. commented: “It is the aspiration of most people to own their own home, however rising property prices has meant that for many individuals it is one dream that has been out of their reach. This new initiative is redressing the balance and is an excellent opportunity. Furthermore, once you look at the figures it actually works out more cost effective to buy than rent.”

Prices for two bedroom apartments start from £219,995. For sales information visit Crestnicholson.com.