With 11 apartments sold in just two weeks, the Lemonade building at Barking Central has given developer Redrow plenty of reasons to crack open the bubbly for new residents.
The properties have literally fizzed out of the doors in recent weeks, as a combination of first-time buyers and investors look to take advantage of the affordable prices before predicted rises this year.
Mary Timlin, sales director for Redrow Homes (South Midlands), said: “We have sold an unprecedented number of apartments at Barking Central in recent weeks. It seems we achieved that magic combination of providing high quality homes in a prime location and giving buyers great value for money. It’s a successful blend that is appealing to both owner-occupiers and buy-to-let investors alike.
“And if predictions from the Centre for Economics and Business Research* that house prices will increase by 6.5% this year prove correct, buyers could soon find that their new home is worth more than they paid for it.”
The Lemonade Building offers stylishly designed, easy to maintain and energy efficient apartments, only 20 minutes by train from Canary Wharf and 15 minutes from Fenchurch Street.
For those who may have think home ownership is beyond their means, the Government-backed HomeBuy Direct scheme is available on selected properties to give them a much needed boost onto the property ladder.
HomeBuy Direct provides buyers with a 30% equity loan towards a new property, jointly funded by Redrow and the Homes and Communities Agency and designed to make home ownership achievable for thousands who may otherwise struggle to find a mortgage.
Mary added: “HomeBuy Direct is all about giving first time buyers the opportunity to take that first and often tricky step onto the property ladder. Because they receive an equity loan of up to 30%, which is interest free for the first five years, purchasers only need to apply for a 70% mortgage, which gives them access to much improved rates.”
One-bedroom apartments are currently priced at £135,000 so, with a 30% equity loan through HomeBuy Direct, purchasers could find themselves catapulted onto the property ladder for an initial outlay of just £94,500.
Under HomeBuy Direct first time buyers, key workers and people re-entering the property market after a relationship break-up are among those who can apply for these homes – provided their annual household income is less than £60,000.
Customers will own 100% of their home from day one – but only have to pay between 70 and 85% of the purchase price. They can start purchasing the remaining share in instalments after just 12 months.
Mary added: “Many people renting dream of owning their own home, but are under the misconception that it’s beyond their means. HomeBuy Direct makes buying your own home more affordable and you could even find that your mortgage repayments are less than the rent for an equivalent property, with the added bonus you are not throwing away ‘dead money’.”
The Lemonade Building, a 17-storey block of 136 apartments, stands close to the spot where R-Whites Lemonade was once manufactured. It’s also the final chapter of a hugely successful regeneration story.
The wider scheme, Barking Central, has created more than 500 residential apartments, as well as prime retail space, a new state of the art library and lifelong learning centre, a hotel and the unique feature of a specially created arboretum planted with 40 mature trees.
Home owners will benefit from owning a quality built, brand new home that’s easy to maintain and efficient to run. It won’t require the costly repairs or renovations of an older second hand property and features Redrow’s contemporary specification, including fully fitted kitchens with integrated top name appliances.
Two-bedroom apartments enjoy the luxury of en-suite to master bedroom and all properties have a balcony for that all-important outdoor space.
See Also: Property News (5994), Redrow Homes (115), Barking Central (4), The Lemonade building (3), South Midlands (8)
Date Published: 18 March 2010
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