‘Brookes Park’ bucks the trend

Confirmation came this week that the property market has turned the corner. The lowest ever interest rates, the undersupply of new homes and rising northwest prices for the second month in a row† is encouraging spring buyers.

Proof too came from Miller Homes. Its “Brookes Park” in Monton is far exceeding its sales targets with 21 properties sold this year.

There was an average of just 41,000 home sales each month from August to November last year for the whole of the UK. The drop in the housing market activity has been swift and extreme. Just a year before, an average of over 106,000 homes were selling each month. But are the green shoots of recovery starting to blossom?

In this landscape of low housing market activity, Miller Homes “Brookes Park” has bucked the market trend. Launched in June 2007, just before the market crash, many of the properties on the development were sold off plan. Now all 18 houses and 49 of the apartments on the development have been sold. With the build now complete the last 18, two bedroom apartments have just been released for sale. Using the house builders MiWay option buyers can own one of these new apartments for just £74,963 now [normally £99,950].

With MiWay home buyers pay 75% now and the 25% balance in 10 years or when they sell. There is no interest payable on the 25%, and Miller Homes share some of the risk of a fall in property values. If the property has gone down then so too dose the value of the 25%. Conversely if the property has gone up then the worth of the 25% goes up as does the home owners equity in the property, so it is a win, win situation. Plus 75% mortgages are more readily available. This is a real bonus in these credit crunch times.

Sales and Marketing Director, Steve McElroy commented: “At the moment, many housebuilders are celebrating each individual home sale. But at Brookes Park we have seen a surge in sales since the New Year – in 2009 we have sold an average of 7 homes per month at Brookes Park.

“Sales Brookes Park were strong all last year – it has sold well since its launched. But we have seen a pickup here that far exceeds our expectations and far exceed performance in the North West. It is a combination of location, affordable prices and helping people find a deal and a mortgage that suits them and is achievable during the credit crunch”

Brookes Park occupies a great location within walking distance of the centre of the trendy Monton village, known for its restaurants and independent shops. With commuting links that include the M602 within 5 minutes drive and a tram link to central Manchester, its convenience complements the charm of this village location.

For more information, log on to Millerhomes.co.uk.