Chatham Place lures first time buyers to central Reading

Chatham Place, the glamorous new development of apartments and penthouses that is redefining central Reading’s residential property market, is proving a big hit with first-time buyers.

Perhaps they are drawn to the vibrant town-centre life-style. Maybe they like the apartments’ sleek, contemporary design, the high-quality specification of its interiors and the luxury of its full concierge service. Or perhaps it’s because prices for a one-bedroom apartment start at just £155,000 – well below the temporary stamp duty threshold of £175,000 that applied last year, when Muse Developments launched the apartments.

Nicholas Doidge bought a one-bedroom apartment in Chatham Place last year and moved in with his girlfriend in August. Nicholas, a 25 year-old network engineer originally from Brighton, works locally and had been house-hunting for four months. "I was renting with friends," he says, "and the lease was being terminated, so my timescale was dictated by circumstances. I knew I couldn’t afford to buy anything outright; I didn’t have a big deposit, so needed to find way of managing to buy within my means – not easy around here."

So Nicholas was glad to take advantage of Muse Developments’ Easybuy scheme, whereby he purchased 75 per cent of the property with Muse Developments owning the remaining 25 per cent. He doesn’t have to pay any rent or interest on that 25 per cent for up to 10 years but, unlike with shared ownership, he owns 100 per cent of the property right from the start.

"This was a much more attractive option than other shared ownership schemes," he says. "My mortgage lender needed a deposit of at least five per cent of the full price, which combined with Muse Developments’ stake meant I effectively had a deposit of 30 per cent. That gave me access to a lot more competitive mortgage deals."

For most young buyers, the first rung of the property ladder is likely to be a tired converted flat, or a tiny house on an out-of-town estate. Not for Nicholas and his girlfriend: Chatham Place offers first-time buyers a much more luxurious bottom rung, with many of the items they would otherwise have to save for included as standard.

"I was immediately attracted by the apartments’ finish and quality," Nicholas says. "I am extremely impressed by the way they’re designed and fitted."

The fitted kitchens come with integrated oven, hob, fridge, freezer, dishwasher and washer/dryer. The bathrooms have mirrored cabinets and Villeroy & Boch sanitaryware. Wardrobes and carpets are fitted in the master bedrooms, and Sky satellite and video entry systems are pre-installed. Add to this the security and convenience of a full-time concierge service, and it’s no wonder that Chatham Place is reinventing the image of the starter home.

Reading is the UK’s most dynamic growing town, outperforming any of England’s principal cities, including London, and positioning itself at the forefront of economic performance in the UK over the past decade. Several large corporations have offices or HQs in the town, including Symantec, Microsoft and the Prudential. Reading’s mainline railway station offers 25-minute services to London Paddington as well as connections to the West Country and Wales. The town is adjacent to the M4 motorway, which has three junctions leading into Reading. London Heathrow Airport is 30 miles away, with Gatwick 60 miles.

For further information on the Chatham Place urban quarter, visit: chathamplace.co.uk