Pictured above: Lower Parkside
With today's homebuyers facing an average national house price
of £162,435*, Crest Nicholson is urging potential purchasers
to visit Park Central in Birmingham city centre. Here, a collection
of contemporary apartments is available from just £93,000 -
or from a highly competitive £65,100 for those eligible to
take advantage of the Government-backed HomeBuy Direct assistance
scheme.
Bordered by Bath Row and Lee Bank Middleway, and just minutes
from The Mailbox, Park Central is an award winning Crest Nicholson
development which features an extensive choice of stylish new
apartments and townhouses, set around eight acres of landscaped
public parkland.
The recently released Lower Parkside phase at Park Central
includes a range of one and two-bedroom apartments and highly
exclusive two, three and four-bedroom freehold townhouses. Prices
in this phase start from £93,000 for a one-bedroom apartment,
with two-bedroom townhouses priced from £180,000. A
limited number of one and two-bedroom apartments are also remaining
in the popular Liberty building, priced from £94,000.
Susan Young, sales and marketing director for Crest Nicholson,
explained how buying a new home at Park Central adds up for today's
budget-conscious purchasers. Susan said: "There are many challenges
facing homebuyers, with issues around affordability high on the
agenda for those in the market for a new home. There is a
widespread perception among many - particularly first time buyers -
that a new city centre apartment is well out of their financial
reach; however at Park Central purchasers are able to secure a
property from well under the £100,000 mark.
"Apartment prices at Park Central start from well under the
national average house price, which currently stands at
£162,435 and, with the latest Halifax House Price Index also
revealing a rise in recent mortgage approvals, the market is
showing clear signs of increased stability. There is even more good
news for first time buyers at Park Central, as a choice of
assistance schemes is currently available for eligible purchasers,
including the government-backed HomeBuy Direct and Crest
Nicholson's EasyBuy.
"Many visitors to Park Central are also surprised by the deposit
amount needed to purchase a new home at the development. There is
an expectation that at least a 10 per cent deposit will be
required, with buyers anticipating that they will have to save for
years before they can even begin to consider homeownership. However
with HomeBuy Direct and EasyBuy, purchasers only require a five per
cent deposit, which could amount to just £3,255."
Eligible purchasers with a household income of less than
£60,000 can take advantage of HomeBuy Direct at Park Central
and secure an apartment from as little as £65,800. The
assistance scheme sees the government and housebuilder cover up to
15 per cent each, or 30 per cent in total of the property price
with a loan. This leaves the buyer with a more affordable mortgage
for the remaining 65 per cent together with a five per cent
deposit.
EasyBuy is a dedicated Crest Nicholson scheme under which
purchasers have the opportunity to pay just 85 per cent of the
price of their new home. This breaks down as a mortgage for 80 per
cent and a five per cent deposit. The remaining 15 per cent share
is covered by an equity loan to be paid back at a convenient time.
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 the
homeowner sells the property, the 15 per cent must be repaid at the
property's current open market value.
*Halifax House Price Index January 2011