Carisbrooke House attracts first time buyers as rental costs soar
With rental costs the highest they have been in the last 12 months, Walton Homes is seeing an increase in interest from first time buyers at its Carisbrooke House development, located on Greenway Park in Two Gates, Tamworth.
A survey recently released by national lettings agent LSL reports that during the past year the cost of renting a home rose at its fastest rate, with the average tenant now paying £713 a month. LSL suggested that London had seen the biggest rent rise in England and Wales in the last year, rising by 6.6 per cent, followed by a 6 per cent rise in the West Midlands – with further rent rises expected in the coming months.
To combat these rising rental costs, Walton Homes is encouraging those wishing to get on the property ladder to take advantage of its Lion’s Share* initiative at Carisbrooke House. Through Lion’s Share, buyers will only need to pay 85 per cent of the value of their chosen apartment at the time of purchase; made up of a five per cent deposit and an 80 per cent conventional mortgage. Walton will pay the remaining 15 per cent share, with the only requirement being that when the property is eventually sold on, or after 10 years - whichever is sooner - the 15 per cent interest free loan is paid back to the developer.
Under Lion’s Share, the monthly mortgage repayments on the two-bedroom Stirling apartment with allocated parking, priced at £119,950, would be approximately £555, marking a saving of £158 when compared to the average national rental price.
Lisa Richards from local selling agent Acres says: “Rents have been rising as frustrated buyers, unable to raise the deposit required, turn to renting instead. With the average deposit currently sitting at around £20,000 it is not surprising that many people are struggling and needing financial support from parents. Yet for those who can afford a deposit, buying a property is a very worthwhile investment which will reduce a person’s monthly outgoings when compared to current rental costs.
“It’s heartening to see developers promoting initiatives that will help first time buyers to get onto the property market. Walton Homes’ Lion’s Share scheme requires purchasers to raise a deposit of less than £6,000 for a spacious and well-designed two bedroom apartment; a much more affordable amount than the average deposit, with no compromise on space or quality.”
Proving popular with a variety of homeowners, 75 per cent of the apartments at Carisbrooke House, which range in price from £119,950 to £127,500, have now been sold. Boasting five varying layout designs, the modern two-bedroom apartments give purchasers an array of options to suit their personal tastes and circumstances.
Helen Rollason, sales manager at Walton Homes says: “Carisbrooke House is a popular development which offers real value for money. With high quality fixtures and fittings, light and airy bedrooms and sociable living rooms, the development offers the perfect home for first time buyers looking to get onto the property ladder, along with professionals, couples and downsizers from the local area. There is a great community spirit developing amongst the current homeowners, and with all properties now ready for immediate occupation there is no better time to invest at Carisbrooke House.”
Walton Homes is a family run housebuilder based in Lichfield, with a track record spanning over 25 years in the region. The force behind a significant number of regeneration projects and new homes developments in Staffordshire and the wider West Midlands area, Walton Homes has secured a reputation for its bespoke, quality approach to house building.
Carisbrooke House at Greenway Park is located off Peelers Way in Tamworth, B77 1HB. For more information visit waltonhomes.co.uk.
*Only available on selected plots
