First time buyers flock to Royal Arsenal Riverside

First time buyers are taking advantage of a variety of products designed to help them get a foot on the housing ladder, with the Government-backed scheme FirstBuy proving one of the most successful at Berkeley's prestigious Royal Arsenal Riverside.

FirstBuy is designed to help people into homeownership in a way they can afford, with buyers only needing to put down a 5% deposit. 11 high quality apartments have already been sold at Royal Arsenal Riverside through FirstBuy and there are a select number of apartments still available to purchase, but demand is increasing and market reports indicate a growing confidence amongst first time buyers.

Paul Vallone, Managing Director of Berkeley Homes (Urban Renaissance), comments: "FirstBuy has proved to be extremely popular at Royal Arsenal Riverside, with first time buyers taking advantage to buy an affordable new home in a stunning riverside setting with exceptional transport links.

"This is an exciting time for Greenwich, which has recently been awarded Royal Borough status and is a host Olympic borough, and through schemes like FirstBuy more and more people are able to get their foot on the property ladder in an area which is really going places."

The latest phase at Royal Arsenal Riverside, one of the country's most prestigious regeneration developments, is The Warehouse No.1 Street, which combines a stylish warehouse feel with all of the convenience and comforts of a new build home.

To qualify and take advantage of FirstBuy, you must be a first time buyer; able to secure a mortgage with an approved leader; have an annual household income of less than £60,000; and be able to pay a minimum of 5% of the cost of your new home as a deposit.

The Warehouse No.1 Street offers Manhattan suites and one, two and three bedroom apartments and penthouses, many boasting features such as exposed brick interiors and views of the river or landscaped internal courtyard.

According to a new study by the Royal Institution of Chartered Surveyors confidence in the property market is growing, driven in part by increasing interest from first time buyers.

A major regeneration scheme in South East London, Royal Arsenal Riverside is perfect for first time buyers looking to buy an affordable new home, finished to the high specification and exacting standards which have become synonymous with Berkeley.

The development also benefits from excellent transport connections, with fast links to central London, Canary Wharf and City Airport, by rail, DLR and River Taxi from the on-site pier. Work is currently underway on the building of a new Crossrail station box, which once open would provide super fast links to Heathrow, and whisk passengers to Tottenham Court Road in just 18 minutes.

Under FirstBuy, Berkeley and the Homes and Communities Agency (HCA), which is delivering this affordable product on behalf of the Government, provide a loan of up to 20 per cent of the cost of a new Berkeley home or apartment. The buyer is required to raise funding (a mortgage plus deposit) of at least 80% of the purchase price but retains 100% ownership from the start.

One of the UK's largest regeneration sites, Royal Arsenal Riverside is a vibrant riverside quarter. More than 2,000 homes have already been delivered, housing over 4,000 residents, and providing a gym, car share club, Young's gastropub, health & wellbeing centre, museum and café, as well as a MedicX pharmacy and health centre, Tesco Express and hotel.

Prices for the apartments at The Warehouse No.1 Street start from £250,000.

See Also: Property News (0), Berkeley Homes (0), Royal Arsenal Riverside (0), Greenwich (0)