Affordable Apartments Available in Tamworth
Apartment prices have outperformed all other housetypes, but buyers in Tamworth are being offered a lifeline via a scheme to help local people onto the property ladder.The average price of a flat increased 57% between 2008 and 2015, according to Halifax. But while the mortgage lender pitches the average price of an apartment in the West Midlands at anything from £120,000 to £145,000, Tamworth buyers will be pleasantly surprised at Pennine Grange,
Not only are the brand new apartments here competitively priced from only £110,000, they’re also being offered at a discounted rate for local people.
Subject to qualifying criteria related to family size and residency*, Redrow is offering a 15% discount to ensure that those with strong links to the Tamworth area are able to buy in the neighbourhood.
Pauline Turnbull, sales director for Redrow Homes (Midlands), said: “Redrow is not just concerned about the houses it builds but also the communities in which it provides them.
“We look for ways to invest in and improve life for people in the areas in which we develop and the discount scheme at Pennine Grange is clearly one very important way in which we can help. So while many people may think they can’t afford to buy, we’d urge them to reconsider as they could find they’re in a more favourable financial position that they realised.”
The discount applies to one and two-bedroom apartments within the Pennine Grange development.
For example, a one-bedroom apartment usually costing £110,000 can be purchased from £93,500; while the scheme reduces the cost of a two-bedroom apartment from £130,000 to just £110,500.
“Unlike schemes like Help to Buy, the home owner never has to pay back the 15%,” Pauline explained.
“All we ask is that they pass on the saving to the new owner when they come to resell. By ensuring that these properties can only ever be resold at 85% of market value they will remain affordable for future generations of home owners too.”
For those who are looking for a larger home, Pennine Grange also offers a choice of four-bedroom detached houses, priced from £304,995. The discounted scheme does not apply to the four-bedroom homes, but Help to Buy equity loans are available and can reduce the initial cost by up to 20%. The equity loan is interest free for five years and can be paid back when the home owner has more funds available or resells.
The sales office and show homes at Pennine Grange are open daily from 10am to 5.30pm. For more information call 01827 902023. Details of the development are available online at www.redrow.co.uk/pennine.
*Criteria for one-bedroom apartments:
• Designated affordable homes containing one bedroom shall be occupied by a person or persons who, on the date they fist occupy the property fall within one of the following categories:
• Single persons aged under 30 who have been resident in Tamworth for a continuous period of three years immediately preceding that date; or
• Single person aged 30 years or over who have been resident in Tamworth for a continuous period of five years immediately preceding that date;
• Couples, one of whom has been resident in Tamworth for a continuous period of three years immediately preceding that date; or
• Couples, one of whom is aged over 60 and who has been resident in Tamworth for a continuous period of five years immediately preceding that date.
Criteria for two-bedroom apartments
• An affordable housing unit containing two bedrooms shall be occupied by a person or persons who on the day they first occupy the property fall within one of the following categories:
• Persons who are a family containing one child and who has been resident in the Borough of Tamworth for a continuous period of not less than six months in the 12 months preceding that date, or who have been resident for a continuous period of not less than three years in the five years preceding that date: or
• Persons who are family containing two children of the same gender and who have been resident in the Borough of Tamworth for a continuous period of not less than six months in the 12 months preceding that date, or who have been resident for a continuous period of not less than three years in five years preceding that date; or
• Family (i.e. including a child or children) who is on the Council’s Housing Register
Established more than 40 years, Redrow Homes is one of the UK’s leading house builders, with a £1billion turnover and building more than 4,000 homes in 2014/15 financial year.Operating across England and Wales, there is a strong emphasis on providing high quality homes in prime locations and its housing ranges feature designs to suit all lifestyles:
• The Heritage Collection combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors.
• The classically styled Regent Collection features Georgian inspired street scenes and architecture.
• Redrow has also launched a new brand of contemporary homes in Abode, which boast open plan layouts with streamlined kitchen, dining and lounge areas, high specification wet rooms and outdoor living space.
Redrow also creates exclusive bespoke developments in both rural and urban locations. The company has won numerous awards over the years, including, most recently, the Gold Award for Best Large Housebuilder at the What House? Awards 2015 and 2014, Best House Design at the Sunday Times British Home Awards 2015 and the 2014 Building Awards Housebuilder of the Year. Its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence. Web: www.redrow.co.uk.