Award-winning housebuilder, St. Modwen Homes, has seen both visitors and sales increase at its Edison Place development in Rugby as a direct result of the Government scheme, ‘Help to Buy’.
Help to Buy is available on all the houses at Edison Place, where latest statistics from the developer show that more than 60 per cent of the homes sold have been purchased under the popular equity loan scheme, where buyers require a deposit of just five per cent.
One such family that has benefitted from the Help to Buy scheme at Edison Place is first time buyer Jude Smith and her two children, who purchased the ‘Menlo’ three bedroom semi-detached property.
Jude said: “I work just across the road from Edison Place at Warwickshire College, so the location is ideal for me to get to work and it’s close to the children’s schools, as well as being just seconds away from the train station.
“Without Help to Buy, I wouldn’t have been able to make the step from renting to buying what I wanted – a new build home – it’s as simple as that. The sales team were really supportive in talking me through all my options and provided lots of literature for me to read through, as well as putting me in touch with an independent financial advisor. Help to Buy has made me feel more confident about buying a property, and I have extra peace of mind as the scheme is backed by the government.
“Previously we were renting a 19th century terraced house, which was difficult to maintain and could be quite cold, so it’s a real breath of fresh air to have bought a new-build property which has better insulation and sustainable technology to help keep energy costs lower!
“I purchased the property from plan, so the sales team took me around the new show home, which allowed me to visualise what it would be like to live at Edison Place, and really reiterated the high-quality specification of the homes. I’ve benefitted from being able to choose the fixtures and fittings according to my own taste, which is great, and we’ve been able to add an additional TV point in the third bedroom, so the children won’t squabble over who has a TV in their room!
“Renting a property is very restrictive as you can’t do much to the house to make it your own. We’ve started picking colour charts and bedroom ideas for the children and are excited to put our own stamp on our new home!”
Help to Buy aims to give people on all stages of the property ladder the opportunity to purchase a new home with a deposit of just five per cent. Under the scheme, the Government will lend up to 20 per cent of the value of the property through an equity loan. The purchaser will need only to obtain a mortgage for 75 per cent of the property – plus an upfront deposit of just five per cent – meaning mortgage rates are more manageable, and they will still own 100 per cent of their home.
Lynne Whittaker, sales advisor at Edison Place, said: “For many first time buyers, Help to Buy can very literally mean the difference between being able to buy their own home and being stuck in a rental trap. The scheme has proved exceptionally popular at Edison Place, and I would encourage anyone thinking of buying their own home in Rugby to pop in to Edison Place, where we’ll be happy to explain the scheme in more detail.”
New homes are currently for sale at Edison Place, starting in price from £219,995 (£175,996 under Help to Buy) for a two storey, three bedroom property, up to £285,000 (£228,000 under Help to Buy) for a three storey, four bedroom detached family home. Presenting a contemporary open-plan layout, the houses have been designed to meet the needs of a modern family, with large airy living spaces and high ceilings, along with larger than average windows letting in an abundance of natural light.
Ideally situated off Leicester Road, Edison Place is located just 500m from Rugby railway station, with regular connections to London Euston and Birmingham Stations in 45 minutes. Additionally, the £33 million Warwickshire College, which was relocated by St. Modwen Homes’ parent company, St. Modwen, is positioned south of the development, providing high standards of education for students aged 16-19.
The Edison Place marketing suite is located off Technology Drive and is open for visitors Thursday – Monday, inclusive of weekends, between 10am and 6pm. For further information please call the St. Modwen Homes sales team on 0844 243 4646 or visit www.stmodwenhomes.co.uk