FIRST time buyers are being offered a helping hand onto the property ladder near Swansea.
Shared ownership is an option available on selected new homes in Morriston, helping to make them easier to afford.
A new phase of homes at Parc Ceirw Garden Village has been released for sale under the scheme to coincide with New Homes Week (February 27 – March 3).
Edenstone Group sales director Adele McCoy explained: “With the rising cost of living, some people may be reconsidering their chances of owning their own home. We are encouraging would-be first time buyers to look at all of the options available as they could find buying a new build home in Morriston is easier to afford than they realised.
“Working with Coastal Housing and the City and County of Swansea we’re helping those who are starting out in life make that crucial first step onto the housing ladder. First time buyers who wouldn’t be able to afford to meet the full cost of home have the chance to purchase a property for just 70% of its market value. There’s no rent to pay on the remaining 30%. The 30% is only repaid when they resell.”
Homes available to purchase in this way include the two-bedroom Ogmore. It would cost £225,000 to buy on the open market, but eligible purchasers can use shared ownership to secure the Ogmore for £157,500, which is just 70% of the market value.
For those looking for a larger home, a three-bedroom semi-detached Wye, which would usually cost £245,000 on the open market, can be purchased for £171,500 using the shared ownership scheme.
“For those looking to reduce household bills, moving to a new build home is an attractive option,” Adele added.
“Research by Savills found that new build homeowners on average save 55% on core energy costs compared with those living in older properties. Plus, with the energy price guarantee set to increase in April the HBF predict owners of new houses will save more than £3,100 on energy bills for heating, lighting and hot water compared with those living in an older equivalent.”
Between the two brands there’s a good choice of two, three and four-bedroom properties available.
The new community will also feature a host of facilities to enable residents to enjoy a healthier way of living including an equipped, circular outdoor fitness trail and a gym within a community hub.
The sales office and show homes at Parc Ceirw Garden Village are open daily from 10.30am to 5pm.