Birmingham homebuyers give Park Central vote of confidence

A return to off-plan sales at Park Central in Birmingham city centre is being hailed as a sign of growing homebuyer confidence and an indication of the strong appeal of the latest release of contemporary apartments and freehold townhouses at the development.

Bordered by Bath Row and Lee Bank Middleway, just minutes from The Mailbox, Park Central is an award winning Crest Nicholson development featuring an extensive choice of stylish new homes set around eight acres of landscaped public parkland. The off-plan release of the latest collection of properties in the new Lower Parkside phase has proven to be a big hit with homebuyers. Sales have been secured on both apartments and townhouses – even though the new properties are currently under construction and are not due for completion until the New Year.

Susan Young, sales and marketing director for Crest Nicholson Regeneration, said: “At Park Central we are seeing a return to buying trends which have not been seen since the onset of the recession. At the height of the property market, selling new homes ‘off-plan’ was commonplace; however a more cautious approach has been seen over recent years, with purchasers more intent on seeing their completed property before making a commitment.

“The fact that purchasers are now buying off-plan once again at Park Central is a massive demonstration of rising market confidence. It is also a clear indication of the pent-up demand which exists among Birmingham buyers for new homes at the development, with purchasers keen to quickly secure their chosen plot.

According to Susan, property investors are also returning to the city centre market. Susan added: “We are certainly seeing an increase in the number of buy-to-let investors at Park Central. This is not unexpected, given the high levels of demand for quality rental properties at the development; however this trend is also a positive sign for the wider ‘city living’ market in Birmingham as investors are clearly seeing the long term benefits of tapping into this right now.”

A wide selection of new homes is currently available at Park Central, including a range of one and two-bedroom apartments in the popular Liberty building, priced from just £94,000.

At the new Lower Parkside phase, a range of one and two-bedroom apartments and highly exclusive two, three and four-bedroom freehold townhouses have recently been released. Apartments in this phase start from just £93,000, with townhouses priced from £180,000.

Eligible buyers at Park Central can now benefit from the return of the government-backed HomeBuy Direct or Crest Nicholson’s dedicated EasyBuy scheme. Both initiatives reduce the mortgage amount needed to buy a new home, and are now available on selected apartments and townhouses at the development.

Eligible purchasers with a household income of less than £60,000 can take advantage of HomeBuy Direct at Park Central and secure an apartment from as little as £65,800. 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 leaves the buyer with a more affordable mortgage for the remaining 65 per cent together with a five per cent deposit.

EasyBuy is a dedicated Crest Nicholson scheme under which purchasers have the opportunity to pay just 85 per cent of the price of their new home. This breaks down as a mortgage for 80 per cent and a five per cent deposit. The remaining 15 per cent share is covered by an equity loan to be paid back at a convenient time. This loan is interest free for the first five years, with a low interest rate fixed at just three per cent APR from the start of year six. The only requirement is that the equity loan is paid back within 10 years of the original completion date; or if the homeowner sells the property, the 15 per cent must be repaid at the property’s current open market value.

For more information on Park Central, visit the marketing suite, which is open daily from 10am to 5pm and is located at Park Central, 2 Mason Way, Birmingham B15 2EY.