First timer buyer comes home with new initiative

The increase in enquiries from home buyers since the start of 2009 has shown that many potential purchasers are ready to re-enter the housing market – just so long as the developer is selling the right product in the right location with the right deal.

If these elements are in place then purchasers are taking the plunge and going ahead.

A good example is nursery nurse, Hayley Shewbridge, a first time buyer who never thought she would get the opportunity to purchase her own apartment. But now, with the help of the Government’s First Time Buyer Initiative, Hayley has been able to purchase a new apartment at Stone Rise, developed by Countryside Properties.

Stone Rise, near Bluewater in Kent, has proved very popular with all 26 apartments for private sale now sold in under a year since its launch back in April 2008. Over half of the sales have been achieved since the New Year and there has been an increasing demand for apartments locally with Countryside’s nearby development, Waterstone Park, also selling out of apartments.

Hayley Shewbridge has been a resident of Stone all her life. The 25-year old has been living with her parents nearby, noticed that the development was being built and decided to investigate whether she had any chance of buying.

What she discovered was that under the First Time Buyer Initiative and in partnership with Moat, the lowest priced one-bed apartments, which started from £129,950, could be bought with a mortgage from as low as £64,950 – only 50% of the full purchase price.

Two-bedroom apartments could be bought with a mortgage from as little as £79,950. Importantly the purchaser retains a 100% ownership of the property, repaying the Government’s contribution at their own convenience or when they sell the property.

“For ages I had been looking for a home that I could afford”, says Hayley, “but it was proving impossible. Even at Stone Rise I was expecting that the rent element of the costs would be extortionate. I was amazed to discover that I could afford it and in a location just five minutes from my parents.

“Countryside’s sales consultant talked me through the Government’s initiative and we discussed the options. Both Countryside and Moat were really helpful and the whole process was surprisingly quick. I first viewed the apartment in September, exchanged in December and I moved in at the end of February.”

At Stone Rise, Hayley Shewbridge chose a second floor one bedroom apartment. The large windows and spacious layout creates a bright, light and open apartment. Hayley says: “As I am on the top floor, I now have my very own ‘penthouse’! I liked the top floor layout because of the large L-shaped living room with the kitchen slightly set back in the ‘L’. The rooms are good sized and there is good storage. I am delighted with the kitchen with its washing machine – the oak-finished units are stylish and modern. The bathroom is all white and looks lovely.”

The apartments at Stone Rise all achieve an EcoHomes rating of Very Good and illustrate Countryside Properties’ commitment to sustainable development, placing environmental concerns at the forefront of innovative house building. Stone Rise incorporates efficient initiatives for energy saving and environmentally friendly construction.

For more details about the range of homes available from Countryside Properties visit the marketing suite at nearby Springhead Park, where a range of houses and apartments are available for sale.

The Government’s HomeBuy Direct scheme will be available shortly for eligible purchasers of the apartments at Springhead Park. Under the scheme, the purchaser takes out a mortgage to cover at least 70 per cent of the purchase price and this is topped up with an equity loan covering up to 30 per cent of the price.

The equity loan is co-funded by the Homes and Communities Agency (HCA) and Countryside Properties. The total amount that the purchaser pays back on the equity loan component corresponds to the property’s market value at the time of repayment.

HomeBuy Direct at Springhead Park is designed to help first time buyers to get on the property ladder with one bed apartments available with a mortgage from as little as £89,950 and two bed apartments available with a mortgage from as little as £119,950.

The marketing suite is open from Thursday to Monday between 10am and 5pm; or you can visit the website at springheadpark.co.uk or countryside-properties.com.