Property
Help to Buy loan for first-time buyers is coming to an end this October
First time buyers can invest in luxury apartments using the scheme before the deadline…
The Help to Buy: Equity Loan Scheme getting first-time buyers on the property ladder is coming to an end this October, potentially foiling the plans of thousands hoping to secure their first home this year.
The loan has proven to be a huge hit among those buying their first property over the last year, due to the fact they can purchase a house with a 5% deposit, rather than the traditional 10%.
The government then gives a 20% deposit contribution for the first five years, completely interest free.
Through the loan, homeowners have also been able to purchase their property at 75% loan to value, which eventually unlocks better mortgage product deals down the line.
@gregwillson / Unsplash
However, with the HTB scheme due to come to an end in March 2023, all new applications must be completed by October 31st this year.
Back in 2018, the government first announced that the Help to Buy: Equity Loan scheme would run from April 1st 2021 to March 31st 2023 and, according to the Gov.uk website, there are no plans to extend or replace it.
So as the deadline looms, prospective buyers here in Manchester are scrambling to get their finances in order and viewings booked in to take advantage of the scheme for one last time.
And one of the unlikely places accepting Help to Buy loans is HD Media City, which is allowing buyers – first-time and those already on the ladder – to snatch up its luxury apartments with a 5% deposit.
Latimer
There are also 100 shared ownership units available, which is a good option for buyers wishing to purchase at a lower price point and with a smaller deposit.
But the Help to Buy scheme is the real star of the show for HD because, unlike similar flats in Manchester city centre, many of its one bedroom apartments fall below the HTB regional cap of £224k, allowing buyers to use the scheme to scoop up an apartment with only a 5% deposit.
Stephen Maskill, the regional sales manager at property developer Latimer, told Proper Manchester: “Almost all of the one bedroom apartments at High Definition fall under that regional cap, so it’s great that we can offer really nice luxury apartments with the Help to Buy scheme.
“It’s a very unique feature for this type of apartment to be available with that scheme.
Latimer
“This month we’ve done several Help to Buy sales already, so it’s clearly very in demand, it’s proving to be very very popular.”
HD was born with a vision to create an affordable and community-led luxury living space in the heart of the exclusive Media City.
Stephen said that in the wake of the Covid pandemic, a strong sense of community was at the forefront of the vision when building and developing the apartments.
He explained: “After millions of people were stuck and isolated in their Homes during the Covid lockdowns, we really wanted to deliver a community-led space with co working and recreational facilities for all, as well as somewhere that encourages a healthy work-life balance for residents.”
Latimer
Energy efficiency was also a priority during development, with each apartment having the highest EPC ratings possible amid the cost of living crisis.
Stephen said: “The EPC ratings in these apartments are exceptional, which means utility bills and heating bills will be extremely low and affordable because of how insulated and efficient the building is.”
As for the location, Stephen says now is the perfect time to invest in a home in Media City, which offers the ‘perfect mix’ of city centre living and suburban tranquility thanks to its acres of green spaces and cultural attractions, as well as its selection of restaurants and bars.
He also says Media City is anticipating ‘tens of millions of pounds worth of investment’ in the next couple of years, giving buyers all the more reason to get moved in while it’s affordable.
Latimer
He explained: “Media City has had a lot of money pumped into it already, but there’s a huge amount of investment and development yet to come… It’s going to keep growing into a larger destination, and will become just like Manchester city centre by the time it’s finished.
“So buyers will be getting in at a good time where values and prices will be driven by the investment that’s coming into the area.”
And offering a bit of advice to first-time buyers hoping to secure their first home, Stephen said: “Buy now, and get yourself locked into a five year mortgage product deal. Future-proof what you’re going to be spending for the next five years on a mortgage.”
To find out more about HD Media City, the homes it has to offer and which payment plan will suit you best, visit the Latimer Homes website.
Property
New apartment development with huge gardens and outdoor space opening this year
Make sure you check these out!
Manchester is getting a stunning new apartment development this autumn, set in beautiful landscaped gardens.
Acer will be the first residential development to open at Square Gardens, located in the First Street area.
Monthly rental for each apartment includes utility bills, super-fast wi-fi, use of all communal facilities and 24/7 security.
Square Gardens / Acer
You can grab a co-living apartment starting from £935 per month, studios from £1540 per month, and apartments from £2120 per month.
From one-bed apartments to studios and shared apartments, there will be 1,187 living spaces when it opens its doors.
It’ll be home to one of the city’s biggest communal outdoor spaces, with this ethos mirrored inside with several apartment spaces dedicated to co-living.
The community feel is also seen in the various lounge and social spaces, as well as co-working and meeting areas.
Square Gardens / Acer
Acer will boast a large, state-of-the-art gym on site, as well as media rooms, private kitchen and dining rooms to use, and regular resident and community events.
The development’s co-living apartments range from three to five bedrooms, all fully furnished with en-suite rooms, while there are also studio apartments and one-bed apartments – with separate bathrooms and open plan kitchen and living areas.
Head HERE to find out more.
Property
Plans for new tallest tower said to be ‘the landmark of Manchester’
Plans for the new tower will place it among Europe’s tallest high rises
Property developer Salboy is set to submit plans for a new tower which will be the tallest in the city among a cluster of skyscrapers.
If proposals are approved, the 241m (790ft) high Viadux 2 scheme is expected to take four years to build.
Salboy’s Managing Director, Simon Ismail, has said it is going to be ‘the landmark of Manchester’, the BBC reports.
Once completed, the new skyscraper will overtake Deansgate Square’s South Tower at 201m (695ft) high and dwarf the Beetham Tower at 169 m (554ft) high.
“We purposefully wanted to go for the tallest residential building in Europe… it’s a flagship building,” Mr Ismail told the BBC.
The Viadux 2 tower will hold around 800 apartments, providing homes for residents looking to live in Manchester, where housing is in great demand.
Mr Ismail said much of that demand for homes in the city was driven by ‘postgrads staying on, the largest student population in Europe, and a cost of living that’s half of that in London’.
Salboy says it has already provided about 4,000 homes in Manchester, and as long as there is ‘massive demand for homes, the firm will continue to build, Mr Ismail said.
The developer is also working on St Michael’s Tower with the former Manchester United footballer Gary Neville.
Manchester has seen a huge boom in skyscrapers over the last 10 years, with an ever evolving skyline.
Mr Ismail says he has ‘no idea’ how long the city’s skyscraper boom will continue, but that he never believed it when people had previously claimed ‘the bubble was going to burst’.
Adding: “When you look at what Manchester’s got behind it, it’s got too much backing it up, industrious people and a history of doing things right.”
Subject to approval, Salboy hopes to start work on the tower sometime this year.
Property developer Renaker has built a collection of skyscrapers at Great Jackson Street, along the southern border of the city centre.
The firm has also built towers at Colliers Yard in Salford and has started a scheme to build four skyscrapers at Trinity Islands, by the River Irwell.
Renaker has received more than £500m in loans from the Greater Manchester Housing Investment Fund – which was launched by George Osborne when he was chancellor of the exchequer in 2014.
The funding is loaned to developers by the Greater Manchester Combined Authority (GMCA) and is then paid back. The value of the loans has now reached £942.5m with more than 10,500 new homes being supported from it so far.
Property
New build-to-rent community launching in Manchester neighbourhood named ‘best up-and-coming place to live’
Some stunning properties on offer
A new build-to-rent community is launching in Piccadilly East, the city centre neighbourhood named one of the ‘best up-and-coming places to live in the UK’ by the Sunday Times.
The Castings will be a new creative hub, owned by the people behind the five-star Lowry Hotel, and situated behind Piccadilly Station.
Made up of studio, one, two and three bedroom apartments, the development on the cusp of the Northern Quarter and Ancoats will feature a host of amenities.
The Castings
This includes a new yoga room and gym, a games room, private dining spaces and a work hub. There will also be three food and beverage outlets on the ground floor.
Piccadilly East was named in the Sunday Times’ list of best places to live in 2020, located within walking distance from the bars and restaurants of Ancoats and the Piccadilly Basin.
Cloudwater and Track brewery taprooms, Diecast, Ducie Street Warehouse and the soon-to-open Co-op Live are all also nearby.
The Castings
As the name suggests, the 350 design-led apartments are inspired by the casting of metals, incorporating industrial shapes, flowing forms and molten textures.
On the imminent launch, The Castings community manager Dave Evans said: “In just a couple of months, we’ll be welcoming residents into our new community. The focus for The Castings has been to create much more than just apartments; it’s a whole new lifestyle, with the best service and living experience that Manchester has to offer.
“Piccadilly East is a really exciting area to be part of which already contains some of the most exciting venues within the city, it’s the next generation of Manchester, and following on from the footsteps of Ancoats we hope to continue to create the next bustling creative hub in the city.”
The Castings
The prices for the new scheme start from £1150 per month for a studio apartment, £1250 for a 1-bed apartment, £1525 per month for a 2-bed and £2175 for a 3-bed apartment.
You can book in for viewings now, with move-in dates from June. Register interest here.
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