The Crosby Project throws lifeline to homebuyers
The Crosby Project, a low cost property initiative by Crosby Lend Lease, has thrown a lifeline to house hunters in the region with all but seven of a total 38 properties available under the scheme snapped up.
Launched just three months ago and offering low cost apartments across three popular Crosby Lend Lease schemes in Birmingham city centre – Hub, Sirius and i-land – the initiative offers a portfolio of starter properties with prices starting from just 50 per cent of their current open market value, subject to status.
With property website Rightmove this month announcing the proportion of people who plan to buy a property who are first-time buyers has dropped for the second consecutive quarter to 25.8pc, The Crosby Project is providing a much needed boost to Birmingham’s residential market as Justine Elliott, sales and marketing director for Crosby Lend Lease explains:
“The Crosby Project was designed to put home ownership within reach for a greater number of potential purchasers, including those who have been priced out of the market until now. First-time buyers in particular play a crucial role in keeping the market moving by helping to complete chains, and their continued absence delays any prospect of a meaningful market recovery. The Crosby Project has hopefully gone some way to addressing this in Birmingham city centre, while also ensuring our city living communities are strengthened through the diversity of having residents on different levels of the property ladder.
“The rapid demand we have seen for properties under The Crosby Project has clearly demonstrated that there are still plenty of people keen to move into Birmingham city centre and that by providing the right properties at the right prices, there is still plenty of opportunity for both developers and purchasers here.”
An excellent opportunity for those who have previously missed out on securing a stylish city centre lifestyle, The Crosby Project properties are still available at Sirius on John Bright Street and i-land in the Chinese Quarter, following the initiative’s sell out success at Hub. Properties available under the scheme include studio and one bedroom apartments, all complete with stylish fittings and fixtures.
To be eligible for The Crosby Project, individual buyers must simply earn under £25,000, while couples purchasing together must have a joint income of under £40,000. The initiative offers 100% property ownership and therefore no shared ownership or rent to pay. The property must be the owner’s main residence and when it is sold on it must be sold for the same percentage of its market value. In this way, the next generation of homeowners will continue to benefit from The Crosby Project.
For more information on The Crosby Project, visit: crosbyproject.co.uk
