Summer brings a rise in the number of first-time buyers
The mortgage market is beginning to see a light at the end of the tunnel as the start of the summer saw the number of mortgages taken out by first-time buyers reach a ten-month high. According to the Council of Mortgage Lenders, the number of loans given to borrowers in June 2011 was 24% higher than the previous month and the highest since August 2010.
Crest Nicholson has experienced the rise with more new borrowers making their mark on the property market. The award-winning housing developer is offering its popular EasyBuy scheme exclusively to first-time buyers at the Merchant’s Quarter development in Stevenage, allowing them to purchase a property with only a small deposit.
Christine Tiernan, Sales & Marketing Director for Crest Nicholson South, explains: “This news is exactly what the property market needs. Lending is improving steadily for first-time buyers who only have a small deposit and Crest Nicholson will continue to support new purchasers to help them onto the ladder.
“The EasyBuy’s popularity is a reflection of the recent market results and although the industry may not be out of the woods just yet, it’s encouraging to see that confidence is returning to the property market.”
The EasyBuy scheme allows first-time buyers to own 100% of their home but only pay 80% of the price upfront. Unlike other incentives, there is absolutely no rent to pay or interest accrued on the outstanding 20% of the property’s equity for the first five years. The outstanding loan amount is paid back as a percentage of the property’s open market value at any time up to resale or after 10 years, whichever is sooner.
Situated on the tree lined avenue of Sish Lane, Merchant’s Quarter is within walking distance of Stevenage’s affluent Old Town and has a range of stylish new homes. The apartments are expertly finished to the high quality associated with Crest Nicholson. Kitchens come complete with modern units, worktops and brushed steel Bosch appliances, including an electric oven, hob and chimney hood. Bathrooms include elegant Hansgrohe fittings and each property also comes with a parking space.
Apartments are currently available to purchase with Crest Nicholson’s EasyBuy scheme starting at £123,160 (full price £153,950) for a two bedroom apartment. For more information, to view the show apartment or take a virtual tour, visit crestnicholson.com.
