Up Up and Away….property sales rising steadily for Manchester based Plumlife
RUMOURS of the first signs of economic recovery have been springing up all over the media of late, and if the latest figures released by Plumlife, part of Manchester based Great Places Housing Group, are anything to go by - the affordable home sales sector is indeed improving.
The sales team has certainly been kept on its toes since the spring, with a quick succession of development launches to contend with. First there was The Bridge at Timperley, in Cheshire, then Ansdell Place in Blackpool, followed by the hugely successful Petre Wood in the Ribble Valley. Last but most definitely not least, was the iconic and eagerly anticipated CHIPS apartments in Manchester’s New Islington regeneration area.
Next stop Stoke, where new and revamped homes at The Woodlands will be available to rent or buy from August onwards. The homes will form an integral part of the regeneration of The Meir neighbourhood.
Shared Ownership sales have seen the most significant rise since the beginning of April 09, with a total of 60 reservations*. Demand for affordable homes to buy remains highest in rural areas, where family friendly, desirable, yet accessibly priced property is scarce. At Petre Wood alone, all 21 houses for sale have been reserved, and of the 12 apartments, only four remain.
* see our case study below featuring 24 year old Amy Jenkinson who has just bought her first apartment under the shared ownership scheme
Over at Crowcroft, our multi award winning regeneration development in Northmoor, Manchester, there have been eight sales reservations in the last month alone, bringing the total number since the beginning of April to 13. This is thanks to the new Homebuy Direct scheme, a government backed equity loan product which effectively lets you borrow up to 30% of your chosen home’s value.
Under the new scheme, a spacious and contemporary four bedroom home is available from as little as £87,500. This figure is based on a full purchase price of £125,000, with an equity loan of 30%. The equity loan is interest free for the first five years with a modest fee of 1.75% payable from year six.
Rent To Homebuy, our “try before you buy” discounted rent scheme launched last September, is also in high demand. The total number of tenants signed up to it has reached 93, with more in the pipeline.
Commenting on the upturn in sales, Matthew Harrison, deputy chief executive, Plumlife, said, “We are certainly optimistic about the consistent upward trend we’re seeing at the moment. New initiatives such as Homebuy Direct and Rent to HomeBuy have definitely started to impact positively. Clearly, affordability remains key, despite the drop in house prices. The government backed options which we offer serve a critical need in the UK housing market, enabling first time buyers to fulfil their home ownership dreams in a realistic and viable way.”
For more information on any of Plumlife’s low cost homeownership schemes, please contact the sales team on 0161 447 5050 or visit
SHARED OWNERSHIP CASE STUDY
Timperley born Amy Jenkinson, 24, was just 18 when she first began a planning her future strategy to become a home owner. As soon as she got her first full time job working for a travel trade recruitment company in Manchester, she started saving, whilst living at home with her parents.
As Amy, who now works as a submissions assistant at a construction company explains: “I still went on holiday and out for the night with my friends, but I tried to put by as much as I could for the future; whilst I was living at home with my parents, saving up was do-able. My mum and dad were always very supportive of any decisions I made, and were happy for me to stay at home.”
After a short period of renting with friends in nearby Hale when she was 21, Amy decided that renting was not for her – she wanted to invest in her own bricks and mortar. She returned to her family home and stepped up her mission to save up in earnest. It took another couple of years to reach her goal, but at 24, Amy has finally realised her home ownership dreams.
“I’d heard about shared ownership, and had driven past the banners advertising The Bridge development in Timperley, which seemed like an ideal opportunity for me, so I contacted Plumlife and arranged a viewing. I knew pretty much straight away that I wanted to buy there. The location is perfect for me - close to family and work, and the apartments themselves are really bright and surprisingly spacious. We sat down and talked through the terms and the options open to me, I sorted my mortgage and that was it: I reserved my first home!”
Amy fell in love with a contemporary one bedroom apartment at The Bridge, on the market for £105,000. She purchased a 50% share, securing a 95% mortgage with the Leeds Building Society using her savings as a deposit. She will pay £350.00 per month for her share of the mortgage and a further £123.00 per month in rent to Plumlife. The monthly service charge is £78.88.
Plumlife offers a range of affordable home ownership schemes, including shared ownership and the new ‘rent to buy’ initiative, Plumlife Rent, right across Greater Manchester, Lancashire and South Yorkshire, helping hundreds of first time buyers on to the property ladder. From funky urban apartments to stylish family homes in the suburbs – the choice is vast.
“Shared ownership has allowed me to jump on to the property ladder in an area in which otherwise I couldn’t have afforded to buy. As a single person, you’d have to be earning a very high salary to even contemplate buying outright, even with a decent deposit. This scheme allows me to take my first step without overstretching myself financially. I can’t wait to work on the interior, so I can really make it my own.”
For information on Plumlife call 0161 447 5050 or visit the website: www.plumlife.co.uk
For press information call Sarah Parmenter on 07976 584269 or 0161 447 5131 or email email@example.com
Plumlife – part of the Great Places Housing Group, is a not for profit company that specialises in shared ownership and low cost home ownership schemes in the North West and South Yorkshire. Appointed by the government, Plumlife has helped hundreds of couples, families and single people to get on to the property ladder. For more information visit: www.plumlife.co.uk
Great Places Housing Group is a powerful force in regeneration and urban renewal, tackling and transforming some of the North’s most challenging neighbourhoods – and helping to build bolder, brighter communities for generations to come. Our multi award-winning group members own and manage more than 14,000 homes, from eco-houses in amazing architecture, to pioneering projects to support society’s most vulnerable people. www.greatplaces.org.uk
This press release was distributed by ResponseSource Press Release Wire on behalf of Great Places Housing Group in the following categories: Home & Garden, Women's Interest & Beauty, Public Sector, Third Sector & Legal, Construction & Property, for more information visit https://pressreleasewire.responsesource.com/about.