Home buying made simple at Park Central in Birmingham
Crest Nicholson, the force behind the award winning Park Central development in Birmingham city centre, is helping potential purchasers get onto the property ladder by demonstrating how homeownership is achievable in the current climate.
In a bid to empower today’s first time buyers, Crest Nicholson is on a mission to demystify the homebuying process. Jo Parker, sales manager at Park Central, said: “First time buyers face an exciting journey getting on the property ladder; however at Park Central we are aware of the need to equip would-be purchasers with all the information they require to ensure they enjoy a smooth move. We understand the need to introduce free expert help such as Independent Financial Advisors when necessary, and to address any misinformation that buyers may have been given in a clear and concise way.”
One of the common misconceptions among buyers is that new city centre properties are priced out of their reach. As Jo Parker explained, this is not always the case. “At Park Central we are constantly reassessing our prices to ensure they are competitive, and a selection of new one bedroom apartments is currently available priced from just £90,000, with two bedroom designs available from £146,500. To offer further support to buyers and to reduce the mortgage amount needed to secure these homes, we also introduced the government-backed assistance scheme HomeBuy Direct at Park Central."
Eligible purchasers with a household income of less than £60,000 can take advantage of HomeBuy Direct. The initiative sees the government and housebuilder cover up to 15 per cent each or 30 per cent in total of the property price with a loan. This then leaves the buyer with a more affordable mortgage for the remaining 70 per cent, meaning a one bedroom apartment at Park Central can be secured with a mortgage for just £63,000. A major plus of HomeBuy Direct is that the buyer has the benefit of 100 per cent ownership of their property.
“Since the early days of the ‘credit crunch’, many purchasers have been under the illusion that they must spend years saving for a 40 per cent deposit to secure a new apartment, but this does not always have to be the case,” Jo continued. “Buyers do not necessarily have to raise this kind of lump sum to purchase selected plots at Park Central, which I’m sure will come as a relief to those who want to get moving as soon as possible.
“Eligible buyers who take advantage of HomeBuy Direct only need a 5 per cent deposit, amounting to around £3,150 for a one bedroom apartment. This is certainly more achievable than the 40 per cent which can be required by some mortgage providers for apartments at competing schemes. What’s more, at Park Central our buyers do not incur stamp duty costs, which is always a welcome saving for those who believe they must budget literally thousands of pounds for this one-off tax which is required on most property transactions.”
There is even more good news for buyers who also believe they have to set aside considerable funds for stylish new fixtures and fittings in their new apartment. Jo explained:
“Those who get on the property ladder at Park Central are very pleased to see that their new home comes complete with a quality internal specification, and there is no need to save for costly appliances. Individually-designed kitchens have a stainless steel oven, hob and extractor, integrated appliances all come as standard; and the contemporary bathrooms feature Hansgrohe mixer taps and stylish Porcelanosa tiling, along with Kaldewai enamelled steel baths and chrome towel rails.
“Features such as these are not generally included in second-hand properties, but at Park Central these brand new fittings all come as standard, meaning buyers are spared the costs of fitting-out a kitchen and bathroom. This equates to a saving of literally thousands of pounds, and means purchasers can focus on having fun personalising their property with their own furnishings rather than undertaking labour intensive, expensive DIY projects.”
Bordered by Bath Row and Lee Bank Middleway, Park Central offers buyers the very best in city living. Located only minutes away from The Mailbox and with eight acres of public parkland at the heart of the scheme, Park Central is a unique proposition for city living in Birmingham.
For more information, visit the marketing suite, open daily from 10am to 5pm, which is located at Park Central, 2 Mason Way, Birmingham B15 2EY.
