New apartments help first time buyers live in London for less

Recent reports state that Britain is becoming a nation of renters* and nowhere is this more prominent than in London where rents are reported to be 50% higher than elsewhere in the country** leaving many first-time-buyers priced out of the property market.

Award winning property developer Crest Nicholson is offering a helping hand at its Riva development in Lewisham, where potential purchasers can snap up a brand new home with a deposit of just £8,755, with the government’s new FirstBuy initiative.

FirstBuy is a new scheme designed to help struggling first-time-buys onto the property ladder in a way that they can afford. The initiative means that purchasers will own 100% of their home for just 80% of the price as Crest Nicholson and the Homes and Communities Agency offer a loan of up to 20% of the full purchase price.*** The loan is equity free for the first five years, after which a fee of 1.75% is payable. Loans must be repaid when the home is sold.

Riva is an ideal development for First Time Buyers and purchasers wanting to be within easy reach of the vibrancy of central London. The City is less than half an hour from Riva on the DLR and you can reach London Bridge in just ten minutes on the mainline train service. A new show apartment has also recently launched giving interested purchasers a chance to visualise the lifestyle that an apartment at the development can offer and a private landscaped communal garden provides residents with space to relax in and enjoy their time away from the hustle and bustle of the city.

Annette Cole, Sales and Marketing Director at Crest Nicholson Eastern comments: “London seems unaffordable to many first time buyers but with FirstBuy at Riva, Crest Nicholson and the government are opening the door to the property market to those who are struggling to buy their first home. Riva is ideal for young professionals, just a couple of minutes’ bus journey from Lewisham town centre, the development not only offers fast connections to city centre locations, but also the tranquil private landscaped garden giving residents the best of London at their fingertips.”

Comprising 39 one and two bedroom apartments, Riva boasts a striking contemporary design, creating an eye-catching façade. All kitchens at the development will come complete with stylish units, Bosch appliances, including an electric oven with chimney hood and gas hob, fridge freezer and washer with integrated dryer. Special touches include en suite bathrooms to the master bedrooms and a balcony or terrace to selected plots.

Not only is the development so close to Lewisham Town Centre but Riva has its own supermarket on the ground floor; making it perfect for those daily pickups. Just north of Lewisham are the historic London villages of Blackheath and Greenwich. Both villages are beautiful and include lovely shops, restaurants, atmospheric riverside pubs and some of the city’s most stunning open spaces, including the Heath in Blackheath and the world famous Greenwich Park.

For those looking to escape London at the weekends, the M25 is less than half an hour away from the development, putting Kent, the Channel Tunnel and Gatwick Airport within easy reach too.

Homes at Riva will be finished to the high quality associated with Crest Nicholson. Properties also come complete with the National House Building Council (NHBC) 10 year warranty providing ultimate peace of mind as well as a dedicated customer care service team for two years after the purchase. Crest Nicholson homes are perfect for a lifestyle that is low in maintenance and high in style. Homes encompass double glazing and high levels of wall and loft insulation, making Crest Nicholson homes much more energy efficient than older properties.

Prices at Riva start from £175,500 (£140,000 with FirstBuy) for a one bedroom apartment. Whether you are looking to buy to live or buy to let, for more information or to book an appointment to view the show apartment, visit: crestnicholson.com/riva

* http://www.propertywire.com/news/europe/rental-property-england-rise-201107055333.html
**http://www.guardian.co.uk/money/2011/jul/07/london-rents-higher-national-average
*** Up to £280,000