Breaking the barriers for first time buyers at Sportcity

As the number of first time buyers in the UK drops to its lowest point since 1980, Countryside Properties gives young people a more affordable route into the housing market in East Manchester.

With recent figures showing that the average house was out of the reach of a typical first-time buyer in 96% of UK towns*, Countryside Properties is releasing a selection of homes for sale at its popular Sportcity Living development in East Manchester specifically for first time buyers.

Countryside Properties first collaborated with English Partnerships to introduce the First Time Buyers Initiative (FTBI) to Sportcity Living in 2007 and it was so well received that a further 28 properties, including both apartments and houses, are now being offered to those who cannot otherwise afford to buy a new home.

FTBI enables first time buyers to contribute a minimum of 50% towards the full purchase price of a new home through an affordable mortgage, whilst English Partnerships contributes the rest by way of direct payment to the developer.

Richard Rawsthorne (21) and his girlfriend Jennifer Ryan (25) were amongst the first to benefit from FTBI at Sportcity. Unlike most of today’s first time buyers, who are more likely to enter the housing market in their 30s than their 20s, Richard and Jennifer have been able to buy their very own two bedroom apartment.

Richard comments: “I was living with my parents in Newton Heath when I heard about the first time buyers scheme at Sportcity. Jennifer and I had been talking about moving in together, but we assumed that we wouldn’t be able to afford a mortgage on a decent home and so hadn’t looked that seriously.

“When I found out about the scheme and realised that we could afford to buy a brand new apartment that was close to the city centre and to where we both work in Old Trafford, Jennifer and I went along to see if we could apply and have never looked back. We can’t believe that we’ve been able to buy such a spacious and modern apartment – the views from our balcony are amazing.”

Anna Tarnowski (23) is also the proud owner of a new apartment at Sportcity through FTBI. Like Richard and Jennifer, Anna thought it might be a while before she could afford to buy a new home.

Previously renting an apartment in East Manchester, Anna had thought about buying her own property, but dismissed the idea, thinking it would be too expensive. That was until she read about FTBI at Sportcity in a local newspaper.

Talking about how she overcame the obstacles facing her as a first time buyer, Anna says: “I thought it would be years before I could afford a home to truly call my own. When I moved out of my parent’s home, I decided that my only option was to rent for a while, as the properties that I had seen for sale were either priced out of my reach or were not of a comfortable standard.

“But then I read about the scheme for first time buyers at Sportcity and realised that there are ways for people like me to get on the property ladder. It is such a nice feeling to know that I am investing my money each month instead of watching it disappear in rent payments.”

Unlike existing shared ownership schemes, where buyers are required to buy part of a property and pay rent, there is no charge to pay on the assistance provided by English Partnerships for three years. After three years home-owners will pay fees on the amount contributed by English Partnerships, rising to a maximum of 3% after five years in the property.

Sportcity Living is one of the first new build schemes to deliver FTBI, part of the government’s wider HomeBuy scheme to help 120,000 house hunters into low-cost home ownership by 2010. The initiative is also offered on a range of one and two bedroom apartments at Countryside Properties’ flagship regeneration scheme, New Broughton in Salford.

The homes at Sportcity will be released imminently, so interested parties are advised to act quickly. Pop along now to the Sales and Marketing suite at Sportcity Living, or visit Sportcityliving.com.

Buyers can also apply online via Plumlife.co.uk.

Not all buyers will qualify to receive the 50% maximum assistance. The HomeBuy Agent, Plum Life will assess eligibility and affordability for each applicant.

* Report issued by mortgage lender Halifax