Financial incentives still crucial to first-time buyer success
With the UK’s first-time buyer numbers down by 75 per cent, increased financial assistance is crucial in making the move onto the property ladder a more realistic task. Higgins Homes is providing this assistance, by offering first-time buyers at its London development Prime, SE13, the option to buy 80 per cent of a new home, meaning buyers need just five per cent of the purchase price for a deposit.
Toni Omar, 35, was the first buyer to move into the luxurious apartments at Prime in Hither Green and she took advantage of this ‘Step Up’ scheme. She comments: “Affordability was my main concern when I started looking for my first home. I knew that if I could secure a mortgage, I could afford the repayments each month, but it was impossible to get a full deposit together, even with help from the bank of mum and dad. I needed more assistance and Higgins Homes’ offer made all the difference.
“Higgins Homes offers first-time buyers like me the option to purchase 80 per cent of a new home, with only a five per cent deposit. I was able to secure a mortgage with a deposit of just £7500 and as the mortgage repayments came to only £30 per month more than my rent, it was extremely affordable. There was no other way I could have jumped onto the property ladder.”
The remaining 20 per cent of the property value remains rent and interest free for ten years and can be bought back from Higgins Homes at any time, at the current market price, during that period.
Jeremy Marcus, Sales and Marketing Director, Higgins Homes, comments: “We have seen a number of interested parties buying at Prime because of the financial assistance we provide. Our ‘Step Up’ scheme makes the task of entering the property market simpler and more affordable than that of first-time buyers going it alone.”
“More than this though, the apartments at Prime are built to the highest specifications and are ready to move in to immediately. They provide the ultimate solution for sophisticated city living at an affordable price.”
Prime is an elegant development of studio and one-bedroom apartments which are light and clean with high quality specifications. Each apartment is fitted with a stylish kitchen designed by Symphony, which incorporates a stainless steel oven and hob, an integrated fridge/freezer as well as a washer/dryer. Bathrooms are equally sleek with white sanitary ware from Ideal Standard complemented by chrome fittings. Also included is an allocated parking space and access to communal bike storage.
Located a few minutes walk from an eclectic mix of local shops, Prime residents can also find a variety of high street stores in nearby Lewisham. Hither Green station is only a short walk away and provides frequent train services to London Bridge that take an average of 13 minutes, making the journey to and from central London quick and easy.
Toni adds: “Prime is such a peaceful place. Because it is situated on a quiet cul-de-sac, there is very little traffic yet it is so close to the hustle and bustle of central London. I can have the best of both worlds here.”
One bedroom apartments at Prime start from just £145,000. For further information, visit higginshomes.co.uk.
