Dream homes for first time buyers in Colchester

House prices would have to fall by up to 63% before first time buyers, on average earnings, could afford to buy*. However, there are still some who are bucking the trend. Samantha Pike and Dale Denton decided that now was the best time for them to get on the property ladder and, with some stringent saving, they bought a stunning, brand new apartment at Higgins Homes’ development, The Imperial Apartments, in Colchester.

Sam, 21, comments: “Dale and I were really keen to buy a property together, but finding the right place in our price range was not easy. My father works in the property industry and he advised me to buy now because property prices are becoming more affordable. When we found The Imperial Apartments we weren’t sure if we could afford to buy there, but working with Higgins Homes and our mortgage provider, we found a way, and now we have moved in and are extremely happy in our new home.

“Dale and I both work and socialise in Colchester, so we are thrilled to be so close to the town centre. It is a great location for our first place because it is so vibrant and there is so much to do. The town itself is also changing and improving, so we hope to make some money on our flat when we sell it in the future. All of our friends are still renting, so we feel very lucky that we have our very own place. The fact that it happens to be absolutely gorgeous is the icing on the cake!”

The Imperial Apartments comprises 97 one, two and three bedroom apartments in the centrally located Clarendon Way. The combination of classic buff coloured brickwork and crisp white render, alongside a slate style roof and wrought iron style balconies, gives the development a distinctive boutique feel.

Each kitchen is fitted with a stunning designer Urban Myth kitchen and appliances which include a stainless steel electric oven, a stainless steel gas hob and chimney hood, an integrated fridge/freezer and a washer/dryer.

Colchester town centre has a contemporary mix of restaurants, cafes and bars. Colchester North Train Station has regular direct trains to Liverpool Street Station taking 55 minutes**. Excellent road links also allow for easy travel to London Airports and the South East of England.

Higgins Homes is currently offering a new Step Up incentive which allows purchasers to buy 100% of their new property for just 75% of the cost. Higgins Homes will in effect loan purchasers 25% of the value of their property for up to 10 years. Purchasers can then either buy back the 25% share from Higgins Homes at current market price at any time during the 10-year period. Or, if the purchaser sells their property during the 10-year period, pay the 25% back to Higgins Homes at the current market price. There is also no rent to pay on the loan.

Prices for two bedroom apartments start from £139,950 (or £104,962 using the Step Up scheme). The show apartments and the sales and marketing suite are open between 10am and 5pm Thursday to Monday (closed Tuesday and Wednesday). For further information log on to Higginshomes.co.uk.

* Centre of Economics and Business Research survey June 2008
**National Rail