Blueprint busts homebuying myths for Leicester's first-time buyers
Leicester’s first time buyers are being given a helping hand by Blueprint, the force behind the Phoenix Square building in the city’s cultural quarter. The developer has set out to bust the myths of getting on the property ladder so that even more would-be buyers can experience all the benefits of homeownership.
Situated just minutes from the Curve in the heart of Leicester, Phoenix Square is a landmark building comprising a selection of contemporary studio, one, two and three-bedroom apartments priced from just £72,500. The award-winning apartments have found their market with a range of purchasers, including first time buyers; however according to Jas Khaira from Blueprint, some major misconceptions around buying a new home may be to blame for potential purchasers being stuck in the rental trap.
“Today’s prospective buyers are very savvy,” explained Jas. “They have plenty of information at their fingertips and, as many have spent years saving to make their move, they have watched the market and weighed up their options. However, it is possible for conflicting advice, a regular flurry of house price data, and other contradictory statistics to lead many to give up hope when they could actually be enjoying the freedom and independence of living in their very own apartment.
“The common view is that in the current climate a deposit of around 20 per cent is needed to buy a new home, but at Phoenix Square a shared equity scheme is available for eligible purchasers, requiring a deposit of only five per cent. This could amount to a deposit as low as £4,825 for a one bedroom apartment. So the message to those who are spending years saving their hard earned cash to secure a home of their own is that there is a quicker option.
“Yet another misconception surrounds the issue of affordability. The average house price in the East Midlands currently stands at £164,130*; however the fact that apartments are currently available from well under £100,000 at Phoenix Square proves that first time buyers can find a competitively-priced new home with no compromise on quality. However for those who are still concerned about affordability, shared equity could prove to be a lifeline.”
A shared equity scheme at Phoenix Square sees buyers receive an interest free loan for up to 20 per cent of the purchase price of a new apartment at the sought-after city centre address. This then leaves the purchaser to arrange their own finance for the more affordable remaining amount. Buyers also only need to find five per cent of the deposit – subject to qualifying criteria – and they also benefit from owning 100 per cent of their property from day one.
Jas added: “Another common assumption among first time buyers is that they will have to compromise on the location of their first home or their standard of living accommodation in order to get on the property ladder, but again at Phoenix Square we can disprove this.
“With low deposits and affordability high on the agenda, the apartments have also scored highly with discerning purchasers who demand stylish, high quality living space with the lifestyle to match. With many apartments having balconies, spacious living areas, contemporary fitted kitchens and bathrooms and secure entry access, first time buyers at Phoenix Square really feel as though they have arrived.”
Phoenix Square is the result of an innovative partnership project between Blueprint and Leicester City Council in collaboration with Phoenix and De Montfort University and is an example of 21st century sustainable building design, coupled with leading-edge architectural quality.
Keep up to date about all the activities at Phoenix Square by visiting phoenixsquare.co.uk for more information on films, exhibitions, homes and creative business space.
* Data from the Land Registry
