Young professionals invest at Park Central
Award winning property developer Crest Nicholson has reported a surge in young professionals and University students investing in its city centre based Park Central development – with many more enquiring about the government’s FirstBuy initiative.
Park Central is an ideal development both for first time buyers and purchasers wanting to live at the heart of Birmingham city centre. With many first time buyers, typically aged between 20 and 35, struggling to get on the property ladder, Crest Nicholson is now offering FirstBuy on selected properties in the Liberty building.
The FirstBuy initiative means that purchasers will own 100 per cent of their home for just 80 per cent of the price as Crest Nicholson and the Homes and Communities Agency offer a loan of up to 20 per cent of the full purchase price. The loan is interest free for the first five years*.
Ruth Williams, sales manager for Park Central comments: “Many of the new homeowners at Park Central are professionals who wish to live and work in the city centre, particularly doctors and nurses who are able to commute from the nearby Five Ways railway station to the Queen Elizabeth Hospital, and accountants and IT developers who are looking for an easy walk into work.
“Many people who view the stylish apartments at Park Central believe that living in the city centre is an unaffordable dream, so schemes such as FirstBuy really are making all the difference in allowing first time buyers to open the doors to the property ladder. Park Central is ideal for young professionals, situated right in the city centre and offering fast connections across Birmingham and beyond. The park setting offers the perfect blend of town and country living and as such we expect our limited range of FirstBuy properties will not be on the market for long.”
A recent study by First Direct claimed that since 1990 the average deposit needed for a property has risen more than twice as fast as house prices and almost four times as fast as income, leaving many first time buyers struggling to get on the property ladder. Under FirstBuy, however potential purchasers have the opportunity to pay as little as a five per cent deposit**.
For those who don’t meet the FirstBuy purchaser criteria, Crest Nicholson has also launched its own EasyBuy scheme on selected Liberty apartments. With EasyBuy you pay just 85 per cent of the price of your new home – a five per cent deposit and 80 per cent mortgage. The remaining 15 per cent share is covered by an equity loan. This loan is interest free for the first five years, with a low interest rate fixed at just three per cent APR from the start of year six. The only requirement is that the equity loan is paid back within 10 years of the original completion date; or if you sell the property, the 15 per cent must be repaid at the property’s current open market value.
For more information on Park Central, visit parkcentral.co.uk.
*Purchasers must meet the criteria set down by this government scheme to be eligible for FirstBuy, details of which are available from the Crest Nicholson sales advisor. The FirstBuy equity loan will need to be repaid when the property is sold or after 25 years i.e. up to 20 per cent of the property’s total sale price (10 per cent government contribution and 10 per cent Crest Nicholson contribution).
**The amount of deposit required may vary depending on the scheme rules and the lender for mortgage finance.
