The first selection of two-bedroom apartments have been released for sale at a new housing location in Peterborough, called Hampton Water. Priced from £200,000, the Lily II apartments are available at the Hampton Water development where Vistry Group is building a range of one to four-bedroom properties under its Bovis Homes brand.
Each apartment has its own private entrance and comes with two parking spaces. They all feature an open-plan living, kitchen and dining space, with flooring included throughout. The kitchens are fully fitted with Bosch appliances and the homes will be ready to move into this summer.
Weronika Maslak, sales manager for Hampton Water, said: “We have already received lots of interest in the Lily II apartments, mainly from single people in their twenties and early thirties looking to buy their first home.
“These homes are attainably priced and available to purchase with the Government’s Help to Buy scheme. The average age of a first-time buyer in the country is currently 35, so these apartments represent a great opportunity for those who want to take that first step onto the property ladder earlier in their lives.
“Most of the interest is coming from young people in the Peterborough area seeking more independence but still keen to be close to family, work, and a good choice of shopping and dining destinations. As well as being a short drive from the city centre, Hampton Water is just 10 minutes away from Serpentine Green Shopping Centre and a range of restaurants, pubs, coffee shops and gyms nearby.”
The Help to Buy scheme is available on new-build homes priced up to £407,400 in the East of England region. It enables first-time buyers to purchase a home with just a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is provided as a Government-backed equity loan which is interest free for the first five years.
Weronika said: “Help to Buy is perfect for first-time buyers who would otherwise struggle to raise a deposit and secure a large mortgage. It also enables them to reduce the size of their monthly mortgage repayments during the first five years of homeownership.
“A first-time buyer purchasing one of the Lily II apartments priced at £200,000 with the scheme would receive an equity loan of £40,000 towards the purchase price and would only need to put down a deposit of £10,000. This would leave them needing to secure a mortgage of just £150,000 – significantly less than the £180,000 they would require for a standard 90 per cent loan to value deal.
“Help to Buy is coming to an end in March next year so first-time buyers wanting to benefit from the scheme will need to reserve their new home before December 2022 in order to qualify.”
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