First rung of the housing ladder is still within reach

According to recent research* over a third of people in the UK believe they will never be homeowners, due to the spiralling costs of living and scarcity of affordable mortgages. The First Time Buyer Initiative (FTBI) being offered by Crest Nicholson is giving first time buyers the opportunity to overcome this challenge.

One purchaser, Caroline Brown had put herself into this category and didn’t think it would be possible to buy in the current market. However, the FTBI gave her the opportunity she needed and was able to buy at Crest Nicholson development, Admiralty Quarter in Portsmouth.

The FTBI enables first time buyers to secure a home for just 50% of the asking price, provided it’s located on one of the Government’s FTBI approved developments like Admiralty Quarter.

Having previously been renting in the city, Caroline bought a stunning apartment at the development.

Caroline, aged 26, said: “I was keen to buy my first property as I was fed up of throwing away money on renting, but I didn’t think buying would be something I’d be able to do on my own.

“The FTBI initially attracted me to the development, and once I had seen the development itself I immediately decided to purchase.

“The location is perfect for me – I’m a city girl at heart and I can easily get to the centre from here and enjoy all the amenities right on my doorstep. The best thing is the independence it gives me at a price I can afford.”

Helen Boniface, Sales and Marketing Manager for Crest Nicholson Regeneration Ltd said: “There is no doubt that it is a challenge for first time buyers in the current climate. As well as the initial purchase of their home, many first time buyers also face going through a period of re-adjustment with their finances.

“The FTBI is incredibly useful in making this transition as easy as possible using the stair casing option – a key part of the initiative, allowing homeowners to increase the percentage they own when they can afford to.

“It is essential that first time buyers do not give up hope of getting onto the ladder and we are pleased to be able to offer incentives and help those that qualify for the scheme.”

Well connected, train services out of Portsmouth Harbour station are just a few minutes walk away and provide high-speed links into London Waterloo in an hour and a half, with mainland Europe just a ferry-ride away.

The development consists of 17 individual apartment blocks ranging from four to eight storeys. At its heart is a private courtyard garden of nearly an acre which conceals underground parking for residents. The 22 storey Admiralty Tower provides stunning views of the harbour and gives Portsmouth a spectacular new landmark.

Prices at Admiralty Quarter start at £115,000 for a studio apartment with one bedroom apartments from £150,000, two bedroom apartments from £210,000 with penthouses to follow in the near future.

For further enquiries log on to Admiralty-quarter.co.uk.

*Research from Moneysupermarket.com