Affordable new homes in Manchester
The mood of many people on a modest budget looking for a new-build property in Manchester would not have been brightened by last week’s Budget.
For most of us, the Chancellor’s measures were almost as dispiriting as the performance of England’s football team in the World Cup. But there are still numerous government, housing association and housebuilder schemes to make affordable housing in Manchester available to buyers who would otherwise be unable to buy a home of their own – particularly first-time buyers and key workers.
HomeBuy Direct is one of the government’s initiatives, allowing buyers to own 100% of their home for a minimum of 70% of the purchase value. At New Broughton Village development in Salford, one-bedroom apartments are priced from £65,000. With Homebuy Direct, buyers pay £45,500 for a 70% share (typically funded by a 5% deposit and 65% mortgage), with the remaining 30% paid by a loan (interest-free for five years) from the developer and government.
Three-bedroom houses with a full price of £125,000 are available from £87,500 under this scheme. New Broughton Village is the subject of a £500 million regeneration programme undertaken by Salford City Council, Countryside Properties and Great Places Housing Association, comprising 3,500 new homes as well as commercial, retail and leisure improvements, and is just a few minutes from Manchester’s bustling city centre.
At Urban Splash’s 3Towers development, with contemporary-design apartments available in three newly refurbished blocks in the leafy Irk Valley, north-east of the Manchester, homes are available under the Rent to Homebuy scheme. Where HomeBuy Direct is a “shared equity” scheme (the buyer owns 100% but the funds are shared), Rent to Homebuy is a “shared ownership” initiative where buyers pay for a proportion of their home and rent the rest from the developer.
At Christabel Tower (the three towers are each named after one of the suffragette Pankhurst sisters), a one-bedroom apartment with market value of £106,000 is available for a £53,000 purchase price for 50% ownership, with the remaining part rented from Urban Splash. Alternatively, buyers can rent for five years at 80% of the rental value (£396 per calendar month in this instance) while they save their deposit to buy.
Around 15 minutes east of Manchester city centre, Bloor Homes’ Peacock Gardens in Gorton has a variety of designs of three-bedroom houses for sale. The full value of these homes starts at £139,995, or £98,000 if purchased under the housebuilder’s own BloorHomesStart2 programme. This works in a similar way to HomeBuy Direct, giving the buyer 100% of the title of their property for a minimum 70% contribution of the equity. The balance is secured by a second mortgage and is payable to Bloor within 10 years.
A little further out, in Heywood, west of Rochdale, Taylor Wimpey has participated in a £50 million government-funded initiative (“New Heart for Heywood”) to provide new homes (including affordable homes) and improved infrastructure for an area just 10 miles north of the heart of Manchester. There are a number of two-, three- and four-bedroom homes available with the developer’s own Easystart shared-equity programme, allowing first-time buyers to fully own their home for a minimum 85% stake (including a 5% deposit).
A two-bedroom “Geneva” apartment at £76,495 becomes available at £65,020 under the scheme, including a £3,825 deposit, while for family buyers, the four-bedroom “Cranage 2” three-storey townhouse, priced at £124,095, is just £105,480 with Easystart, including a deposit of £6,205.
What House? has been championing new homes for over 100 years and rewards the best new homes in britain with an annual award ceremony now in it's 29th year at London's Grosvenor House hotel. To enter the awards or attend the awards, go to: whathouse.co.uk/what-house-awards
