Persimmon Homes hosts MPC visit
When representatives from the Monetary Policy Committee (MPC) recently paid a visit to the Crystal Mead development in Stourbridge, Persimmon Homes, the company behind the scheme, used it as an ideal opportunity to talk about the difficulties local first time buyers continue to face in getting a foothold on the property ladder.
The MPC visit coincided with the Financial Service Authority’s (FSA) responsible lending consultation regarding rule changes affecting the housing market, social mobility and the aspirations of homeowners.
Paul Fisher, one of the Bank of England's foremost experts on currencies and monetary policy, was amongst the representatives from the MPC to visit Crystal Mead where staff from the Wolverhampton-based firm talked extensively to him about lending criteria and how loan to value restrictions affect first time home buyers.
Anita Williams, Persimmon Homes’ regional sales and marketing director, said: “We were honoured to welcome the MPC to Crystal Mead. We used it as the perfect opportunity to highlight the fact that whilst most first time buyers can find a five per cent deposit, the remaining 15 per cent typically required on new build homes by most lenders is more difficult to come by.
“As a developer we are placed in the unfortunate position of having to provide our own answer in shared equity to bridge the gap and Mr Fisher was extremely interested to learn of our issues in this regard.”
The importance of lenders to begin lending again so first time buyers get the boost they need was a message Anita was keen to communicate. She continues: “We all know that with buoyancy at the first time buyer end of the market, the rest will come. We wanted to help Mr Fisher gain a deeper understanding of local business conditions in the West Midlands however, it was also refreshing for us to also be able to communicate buyers’ ongoing difficulties directly to him.”
Crystal Mead on Auckland Road is situated on the site of the former Wordsley hospital. Homes on release are currently priced from £249,950. For further information on the range of homes available at Crystal Mead, please visit the development open daily from 11am until 5pm.
