Fall in love with home ownership at Larks Reach

A recent survey commissioned by the Chartered Institute of Housing (CIH) has shown a drop in the number of young people aspiring to own their own home. Now, only a third (37%) of 18-24 year olds think that homeownership is right for them.

This weekend (20th June) Crest Nicholson is inviting prospective buyers to Larks Reach, the new phase of its Kings Warren site at Red Lodge in Suffolk, to learn about the government-backed HomeBuy Direct scheme, aimed at helping young people onto the property ladder for just 70% of the price.

Annette Cole, Sales and Marketing Director, Crest Nicholson (East) Ltd. commented: “Home ownership used to be an aspiration for most young people, but many might feel that this is an unrealistic goal given the bigger deposits now required to purchase a new home. This weekend, Crest Nicholson is inviting interested purchasers to Larks Reach to find out how the government-backed HomeBuy Direct scheme can help make home ownership a reality.”

HomeBuy Direct is a brand new initiative designed to be a ‘stepping stone’ to home ownership. With the scheme, buyers are able to secure a brand new home at Larks Reach for just 70% of the property’s asking price upfront, making an attractive two bedroom property at the development priced at £132,500, a more affordable £92,750 with HomeBuy Direct.

Under HomeBuy Direct, purchasers will own 100 per cent of their new home from day one and the remaining 30 per cent of the property’s market value is funded by an interest free “equity loan”, jointly financed by Crest Nicholson and the Government. The remaining equity loan does not need to be paid back for the lifespan of the mortgage or until the property is sold; whichever comes sooner.

Comprising a stylish collection of two bedroom apartments and three and four bedroom houses, Larks Reach - as with Kings Warren as a whole - appeals to a wide range of homebuyers, including first time buyers and families looking to upsize.

As well as offering a peaceful and idyllic rural setting, an excellent road and rail infrastructure close by means that Kings Warren residents are well connected. Kennet Station is located just three miles away and provides frequent and direct rail links to Cambridge in just 30 minutes. Alternatively, Cambridge city centre is just 18 miles by road and there is also easy access to the A11 and nearby A14.

Prices at Larks Reach start from £132,500 for a two bedroom apartment, £195,000 for a three bedroom house and £210,000 for a four bedroom house. For more information visit Crestnicholson.com/kingswarren.