Beat the landlord at Park Central in Birmingham

Homebuyers at Park Central in Birmingham could beat the landlord and save hundreds of pounds each month by getting on the property ladder rather than renting, according to Crest Nicholson – the force behind the award winning city centre development.

Situated off Bath Row and Lee Bank Middleway, Park Central comprises a wide range of stylish new apartments positioned around eight acres of landscaped public parkland.

Prices for a one-bedroom apartment at Park Central currently start from just £90,000, however purchasers who take advantage of the government assistance scheme HomeBuy Direct can secure a new home from as little as £63,000. The average monthly payment on a mortgage of this amount would be £344*, whereas the average monthly rental payment on a comparable property would be £550, meaning those who choose to buy rather than rent can save around £219 a month, amounting to a staggering £2,592 per year.

Jo Parker, sales manager at Park Central, said: “Those who believe purchasing a city centre apartment is out of their reach financially only have to take a look at these latest figures to understand that renting can actually be a more expensive option. First time buyers who get on the property ladder when prices are so competitive and when HomeBuy Direct is still available for eligible purchasers could save around £2,500 a year, compared to those who choose to line their landlords pockets.

“There will be a time in many people’s lives when it is right to rent a property; however we are setting out to prove to potential buyers that if your dream is to have a home of your own, this is possible at Park Central – and taking this route can actually save you thousands of pounds compared to renting. There are many advantages to buying a property, and aside from the sense of stability that homeownership can bring, in your own apartment you are free to personalise your space as you wish, building up equity if the market rises."

Prices at Park Central currently start at £90,000 for a one bedroom apartment, or from £63,000 with HomeBuy Direct. Two bedroom apartments are currently priced from £148,500, or from £103,950 with HomeBuy Direct. First time buyers with a household income of less than £60,000 could be eligible for HomeBuy Direct. The assistance scheme 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 and also reduces the amount needed for a deposit.

Jo Parker added: “HomeBuy Direct has been a massive success at Park Central and as many as 50 per cent of recent purchasers have taken advantage of the scheme to help them on to the property ladder. However as a result of its popularity, the government’s allocation of funds for HomeBuy Direct at Park Central looks set to run out before the end of the summer, so I would urge interested purchasers to act quickly to avoid disappointment."

A selection of apartments in the Liberty phase is currently available at Park Central, with many featuring privileged views across the landscaped parkland at the heart of the scheme. Ranging in size from 437 sq ft to 1032 sq ft, the Liberty apartments come complete with a high internal specification including individually-designed kitchens complete with stainless steel oven, hob and extractor, and integrated appliances. Contemporary bathrooms feature Hansgrohe mixer taps and stylish Porcelanosa tiling, along with Kaldewai enamelled steel baths and chrome towel rails.

Park Central is the result of an innovative partnership between Crest Nicholson and joint landowners Birmingham City Council and Optima Community Association. The marketing suite is open daily from 10am to 5pm and is located at Park Central, 2 Mason Way, Birmingham B15 2EY.

*Average monthly mortgage payment based on a 4.29% fixed rate mortgage from NatWest over 25 years, subject to status (figures provided by New Homes Advice). Average monthly rental figures based on average rental values achieved at Park Central. Example based on Plot 825.