Buyers at Kings Warren can make their first home a house
With a required average deposit of 23% and the average age of first time buyers increasing to 38*, many potential homeowners are being priced out of the market and are taking owning their own property off their agenda for many years. At Crest Nicholson’s Kings Warren development in Red Lodge, however, buyers can take advantage of the ‘FirstBuy’ scheme, which enables purchasers to buy a three-bedroom ‘Stock’ house with a deposit of just £8,998.
FirstBuy is a new Government scheme designed to help struggling first time buyers 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.
Annette Cole, Sales & Marketing Director for Crest Nicholson Eastern, said: “Since the economic downturn, it has been increasingly difficult for first time buyers to get a foothold on the property ladder. With spiralling deposits required, owning their own home can often seem like an unobtainable goal for many purchasers. Crest Nicholson offers various schemes to help buyers achieve their home-owning dreams. FirstBuy is a real lifeline to many buyers and enables them to purchase their first property far sooner than they would have otherwise been able.”
‘The Stock’ homes are arranged over two floors, with the ground floor featuring the large living room with French doors that open onto the sizeable garden and a spacious open-plan kitchen/dining room complete with bay window. A cloakroom completes the lower floor. The master bedroom with ensuite bathroom is located on the first floor along with the further two double bedrooms, one of which features built-in wardrobes, and the family bathroom. ‘The Stock’ homes are now ready to move into with all flooring included as well as the garden being landscaped.
“We are delighted to be able to offer FirstBuy on ‘The Stock’ houses,” continues Annette. “A home of this size is more commonly a second or third home so for this to be a buyer’s first home really is fantastic. First homes tend to be one or possibly two-bedroom apartments; certainly not three-bedroom houses. With the Stock houses, buyers can relax in the knowledge that this sizeable home will suit their needs for many years to come.”
The Stock houses are priced from £179,950, or from £143,960 with FirstBuy. Hunters Chase is the latest collection of homes to be released for sales at Kings Warren, comprising two, three and four-bedroom houses.
When complete, Kings Warren will comprise 1,250 homes in addition to community facilities. As well as offering a peaceful and idyllic rural setting, an excellent road and rail infrastructure located close by means that residents are well connected. Kennet Station is located just three miles away and provides frequent and direct rail links to Cambridge in just 30 minutes. Alternatively, Cambridge city centre is just 18 miles by road and there is also easy access to the A11 and nearby A14.
Crest Nicholson has recently received planning approval for a village centre and school site which will be coming to the site in September 2012. The village centre includes plans for shops, financial/professional services, restaurants, cafes, pubs and offices as well as a crèche.
Homes that are also available at Hunters Chase are two, three and four bedroom homes starting from £134,500. For more information about Hunter’s Chase or Kings Warren as a whole, visit crestnicholson.com.
* telegraph.co.uk/finance/personalfinance/8524492/Age-of-first-time-buyers-to-reach-38.html
** Up to £280,000
