Helping hand for buyers in Malvern

With the average house price in the Malvern Hills area at £268,227 and prices of apartments averaging £182,531, it is not surprising that buyers seeking their first or second home are struggling to secure their dream property.

With our purse strings tightening further with recent petrol and energy price hikes, the rising cost of living is leaving many househunters disappointed. However, Persimmon Homes South Midlands might have found a solution for buyers looking for a new home in the region.

The Helping Hand initiative enables buyers to take advantage of a shared equity scheme which facilitates purchasers to pay for 75 per cent of the property with Persimmon making up the remaining 25 per cent, enabling buyers to own 100 per cent of their property.

This means that, a two bedroom apartment at Persimmon’s Malvern Vale development in Malvern, priced at £141,995, would require a buyer to find just £106,500, making securing a mortgage that little more affordable.

Purchasers then have up to ten years to pay back the remaining 25 per cent of the property price until they sell or transfer it. With most people’s salaries certain to increase over a ten year period, the opportunity of no interest to pay on the remaining 25 per cent offers an affordable way to home ownership.

Alison Reading, sales director for Persimmon Homes South Midlands, comments: “We constantly strive to offer the best prices on all of our homes but understand that, especially in current market conditions, many buyers struggle to obtain a mortgage.

“While our new homes represent good value for money, as an industry we have to accept that many buyers are finding it difficult in the current climate. Helping Hand is particularly suited to the needs of first time buyers whose income is often too low to secure a 100 per cent mortgage.”

The Helping Hand initiative is available on all apartments at Malvern Vale. For further information visit Persimmonhomes.com.