Persimmon Homes welcomes planning permission for Farnborough developmentPersimmon Homes will build a new residential development close to Farnborough airfield.
It will construct 44 houses and apartments on the plot of land, which is located off Government House Road. The news comes after the housebuilder received consent from Rushmoor Borough Council.
Work is expected to start on the site next month, with the premises set to offer new houses and a communal play area.
The homes will aim to meet local demand for a higher number of starter homes, as incentives will be on offer for first time buyers as well as those who are working towards their next step on the property ladder.
Both the NewBuy and FirstBuy schemes will be available, which will help buyers who do not have a large deposit to put down on a mortgage.
The NewBuy initiative makes home ownership possible for those who, in the past, were unable to secure a mortgage because of the high deposit required.
It is backed by a number of national mortgage lenders and aims to boost the availability of low-deposit mortgages, with purchasers able to secure a 95 per cent mortgage product on new homes valued at up to £500,000.
On the other hand, FirstBuy enables first time buyers to use a five per cent deposit to secure a mortgage for 75 per cent of the property's value, while the remaining 20 per cent will come in the shape of an equity loan from Persimmon and the government.
Persimmon Homes Southern’s sales and marketing director Tracey Lee said: " The development will provide a stunning range of two bedroom apartments and three bedroom Persimmon house designs within four miles of the M3.
"The development is also convenient for rail commuters. London’s Waterloo and Paddington stations can be reached in under an hour via several local rail links situated within ten minute’s drive of the development."
Persimmon Homes has a wide variety of developments across the UK, including Argyll View in Greenock, where the average home is more than 1,400 sq ft larger than other new build properties in the area.