Help is at hand for first time buyers in Ipswich

According to a recent survey by internet search engine Unbiased.co.uk*, requests for mortgage advice from first-time buyers rose to 43 percent in July, showing regained interest from new homebuyers thinking of entering the property market.

This Saturday (12th September), coinciding with the launch of New Homes Week**, Crest Nicholson is inviting new homebuyers to its Blakenham Park development in Ipswich, Suffolk, to find out how they can benefit from the government backed HomeBuy Direct scheme where they can purchase 100% of a home for just 70% of the price.

HomeBuy Direct is a brand new initiative designed to be a ‘stepping stone’ to home ownership. With the scheme, first time buyers are able to secure a brand new home at Blakenham Park for just 70% of property’s asking price upfront, making an attractive two bedroom apartment at the development priced at £103,500, an affordable £72,450 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 equity loan is not repaid for five years or until the property is sold, which ever is sooner. After twelve months, purchasers even have the opportunity to buy some, if not all of the property’s remaining equity at market value.

Annette Cole, Sales and Marketing Director at Crest Nicholson (Eastern) Ltd. comments: “HomeBuy Direct is a fantastic scheme that really opens up the property market to first-time buyers who have previously been struggling to get a footing on the ladder. With an increase in enquiries from first-time buyers for mortgage advice, schemes like HomeBuy Direct are helping the revival of the property market by making homes more accessible to new homebuyers.”

Blakenham Park comprises one and two bedroom apartments and coach houses, two and three bedroom cottages and four bedroom townhouses. The properties at Blakenham Park come in a range of different designs inspired by elements of the local architectural vernacular and have been cleverly arranged in a series of curving crescents punctuated with leafy courtyards and communal landscaped squares.

All homes at Blakenham Park come complete with a fully fitted kitchen, with units from Symphony and a range of stainless steel Bosch appliances as standard. Bathrooms and ensuites at the scheme incorporate smart white sanitaryware from Roca and are complemented by chrome fittings – making the homes ready to move in to.

The development also offers great transport links for commuters, only a mile from Ipswich, the scheme is excellently positioned. Road links via the A14, A12 provide good connections and trains to London from Ipswich Station run every 15 minutes. Providing homeowners with the best of town and country living.

Prices at Blakenham Park start at £103,500 (£72,450 with HomeBuy Direct) for a two bedroom apartment to £157,500 (£110,250 with HomeBuy Direct) for a three bedroom property. For more information visit crestnicholson.com/BlakenhamPark.

* ft.com/cms/s/2/31c91916-96f0-11de-9c24-00144feabdc0.html

** New Homes Week is a nationwide celebration of newly built properties, by the New Homes Marketing Board (NHBC). The week will highlight the different aspects and benefits of buying a new home.

*** The loans are interest free for the five years. After that, purchasers will pay a fee on the equity loans of 1.75 per cent, rising annually by the Retail Price Index (RPI) plus 1 per cent.

Those eligible for HomeBuy Direct are:

First Time Buyers
Key workers
Those currently living in social or privately rented accommodation
Those in need of more space for a family than their current home provides
Those who have had a relationship breakdown
Those with a combined income of less than £60,000 per annum