With Wolverhampton ranked in the top five places to climb the housing ladder, next steppers could find that a home at one of the city’s most sought-after developments could be within their reach.
Research suggests that changes in property prices over the last decade puts second steppers in the area in a strong position when it comes to putting down a deposit for somewhere new.
It means that upsizers may be able to purchase a larger home than expected, including one of the final properties at Redrow’s exclusive Compton Park development.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explains: “Studies suggest that almost half of second time buyers have no plans to save for a deposit to buy their next home, believing that the equity in their current property will pay for their deposit. And while moving up the housing ladder in Wolverhampton is easier than most places, those hoping to move to a large and luxurious home at Compton Park could still face a shortfall.
“The good news is that the final four-bedroom properties fall within the threshold for Help to Buy. It means that once they’ve sold their previous property subject to contract, there’s the chance for home-movers to utilise the Government-backed scheme to reduce the initial cost of buying somewhere new.”
Homes at Compton Park available with Help to Buy include the Henley and Richmond designs. Prices start from £459,995 for a four-bedroom detached Henley, reducing to an initial outlay of £367,996 with Help to Buy.
The lower price includes a 5% customer deposit of £23,000 and a 75% mortgage for £344,996. An equity loan for £91,999 covers the remaining 20%. Crucially the equity loan is interest free for five years.
Inspired by the architecture of the Arts & Crafts era, homes at Compton Park combine the traditional charm of ‘period’ properties, with the style and convenience of being brand new. Easy to manage and efficient to run, they boast a high specification as standard.
The exclusive development neighbours the Smestow Valley Local Nature Reserve, which is a haven for wildlife.
Residents can explore around 120 acres of open space including meadows and woodland on foot or bicycle, with plenty of opportunities for bird watching or to capture rare or unusual plant specimens on camera.
To be in with a chance of securing one of the homes, visit Compton Park open Tuesday to Sunday from 10am to 5.30pm. For more information call 01902 238 330 or see www.redrow.co.uk/compton.
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.