Latimer has revealed that it will be piloting the First Homes scheme at its High Definition (HD) development in MediaCity.
Providing a leg-up for first time buyers in the local area, the scheme offers a 30% discount to those on lower incomes who might be struggling to get onto the property ladder.
A total of 30 apartments at HD have been made available to purchase through the scheme. Those eligible for the First Homes scheme will be able to buy an apartment with a five per cent deposit of just £7,000.
First Homes is a new Government backed scheme crafted to help first-time buyers purchase their first property. First Homes are just like normal, open market homes, but they are offered for sale at a significant discount of 30% on the market value.
When an existing First Homes owner decides to sell their property, they will sell at 70% market value with the same First Homes incentive being passed on to the next buyer of the home. Therefore, in addition to the initial buyer, future first-time buyers can continue to benefit from access to an affordable way to own their first home.
The significant discount of 30% on the market value is offered to first-time buyers whose household income does not exceed £80,000 (or £90,000 in London), with priority given to local residents.
On a two-bedroom property in HD up for private sale at £200,000, First Homes could offer buyers a price around £60,000 less than market value.
Paul Walker, national sales director at Clarion Housing Group and its development arm Latimer, said: “Thanks to our work with Homes England, we have been able to introduce First Homes to potential first-time buyers at HD and are the first developer to offer the scheme in the region.
“Aligning with our commitment to support those on low-to-middle incomes to become property owners, our HD development provides an excellent foundation for the First Homes early delivery scheme. It is sure to provide several local residents with their ideal first home, assisted by the opportunity provided by the scheme. Our sales teams will help eligible buyers to complete their application to the local authority and assist them during the process to ensure a smooth buying experience.”
HD offers premium apartments right in the creative hub of Manchester, Media City. It will allow residents to enjoy the best of city life whilst providing a tranquil oasis close to the Quays waterfront.
The development comprises one, two and three bedroom apartments, with co-working space, a relaxed communal lounge with garden terrace and a multipurpose private room for work and social events.
With limited homes available at HD in this initial phase of First Homes, demand is expected to be high and aspiring homebuyers looking to take their first step onto the property ladder are urged to register their interest at latimerhomes.com.
Potential buyers will then be offered an opportunity to sit down with an independent financial advisor who will explain the process and advise them on their home buying journey.
