Pictured above: Phoenix Square show apartment

First time buyers have been thrown a lifeline at Phoenix Square in Leicester's cultural quarter, where they can now get on the property ladder with the help of FirstBuy.  The government-backed equity loan scheme has been designed to reduce the mortgage amount needed to own a new property, putting homeownership within the reach of a greater number of buyers.

Phoenix Square is a landmark building and arts cinema situated in the St. George's cultural quarter just minutes from the Curve in the heart of Leicester. Here a range of contemporary apartments are currently available priced from just £96,000.  However, following the recent announcement from the Homes and Communities Agency's (HCA) that Phoenix Square has secured a slice of £180 million of government funding for FirstBuy, eligible homebuyers can now snap up a stylish apartment at the development from just £77,000 if they take advantage of the scheme.

Expected to assist expected to assist nearly 10,500 purchasers across the UK to buy a new home over the next two years, FirstBuy sees eligible buyers receive an equity loan jointly from the government and the developer for up to 20 per cent of the property's value. This leaves the buyer to find a five per cent deposit and to arrange their own finance for the more affordable remaining amount.

The equity loan is interest free for the first five years, during which time there are no repayments required on the loan, and purchasers also benefit from owning 100 per cent of their property from day one.  

John Long from Blueprint, said: "The introduction of FirstBuy at Phoenix Square is great news for first time buyers. It puts high quality, sustainable homes within reach of a wider range of people, many of whom had previously been locked out of the more desirable sectors of the housing market."

Paul Spooner, executive director for the HCA Midlands said; "Thanks to FirstBuy, 2,500 first time buyers in the Midlands area will be able to get a foot on the property ladder, while developers including Blueprint will benefit from an additional source of sales, giving a much-needed boost to the development industry."

The apartments at Phoenix Square have been designed with style high on the agenda, providing quality living space with the lifestyle to match. Many of the apartments feature balconies; and all of the properties have spacious living areas, contemporary fitted kitchens and bathrooms, and secure entry access.  

The three-screen, independent cinema on the ground floor at Phoenix Square is going from strength to strength, and all homeowners benefit from free membership for a year. Those living at Phoenix Square are also able to make the most of the bar and café in the cinema, which provides the ideal space for relaxation and recreation.

Phoenix Square is the result of an innovative partnership project between Blueprint and Leicester City Council in collaboration with Phoenix and De Montfort University and is an example of 21st century sustainable building design, coupled with leading-edge architectural quality.