Putting the ‘fizz’ into home ownership at Barking Central
A government-backed help scheme to get people onto the property ladder has been extended to The Lemonade Building at Barking Central, in East London.
Eligible home owners can now take advantage of HomeBuy Direct, taking out an equity loan for up to 30% of the purchase price on selected Redrow properties at the popular development, making home ownership cheaper and easier to achieve.
Mary Timlin, sales director for Redrow Homes, explains: “The equity loan is jointly funded by the Homes and Community Agency and Redrow. Crucially, it’s interest-free for the first five years.”
HomeBuy Direct has been extended to a selection of stylishly designed, easy to maintain and energy efficient apartments at The Lemonade Building, a scheme that’s only 20 minutes by train from Canary Wharf and 15 minutes from Fenchurch Street.
One-bedroom apartments are currently available from £149,995 while the two-bedroom apartments are priced from £183,500. With a 30% equity loan through HomeBuy Direct, purchasers could find themselves catapulted onto the property ladder for an initial outlay as low as £104,996.
Under HomeBuy Direct first time buyers, key workers and people re-entering the property market after a relationship break-up are among those who can apply for these homes – provided their annual household income is less than £60,000.
Customers will own 100% of their home from day one – but only have to pay between 70 and 85% of the purchase price. They can start purchasing the remaining share in instalments after just 12 months.
Mary said: “With Redrow matching the Government pound for pound to provide the 30% equity loan, no need for a large cash deposit and the loan being interest free for the first five years, HomeBuy Direct is the smart way for people to get the new home they’ve always wanted at a price they can afford.”
The unusual name of this 17-storey block of 136 apartments reflects the fact that it’s close to the spot where R-Whites Lemonade was once manufactured. It’s also the final chapter of a hugely successful regeneration story.
The wider scheme, Barking Central, has created more than 500 residential apartments, as well as prime retail space, a new state of the art library and lifelong learning centre, a hotel and the unique feature of a specially created arboretum planted with 40 mature trees. The latter is an integral part of a new public realm which is larger than Trafalgar Square and will be one of the Mayor of London’s ‘Top 100 Public Spaces’.
Mary added: “Located on the doorstep of the Thames Gateway and close to the 2012 Olympic Village, The Lemonade Building is the perfect place for first time buyers wanting to taste city living or those who want to make a fresh start after a change in circumstances.”
Home owners will benefit from owning a quality built, brand new home that’s easy to maintain and efficient to run. It won’t require the costly repairs or renovations of an older second hand property, but will feature Redrow’s sophisticated specification, including fully fitted kitchens with integrated appliances including oven, hob and extractor, fridge-freezer, washer/dryer and dishwasher.
Two-bedroom apartments enjoy the luxury of en-suite to master bedroom and all properties have a balcony for that all-important outdoor space.
Two stunning show apartments on the 12th floor, with panoramic views of the city, give potential buyers an insight into city living at its best.
With show homes open daily and a growing number of reservations being confirmed, The Lemonade Building, in Ripple Road, is a scheme with plenty of sparkle and the sweet taste of success. For more information log on to barkingcentral.com.
For further information on HomeBuy Direct, including eligibility, go to redrow.co.uk/homebuydirect.
