First-time buyers in Brighton interested in getting on the property ladder using Help to Buy are being urged to pick up the pace after a study showed a lack of awareness of the Government’s scheme ending in less than 12 months’ time. In a recent survey by national property search engine, Zoopla, 60 per cent said Help to Buy was an important scheme for home ownership, but over half (56 per cent) were not even aware it was coming to an end.
Housing Association Optivo, which is building a flagship development at Home X — an exciting new neighbourhood in north Brighton that forms part of the Preston Barracks Regeneration — is raising awareness of the initiative as the largest new build development offering the scheme in the seaside city.
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In Brighton, the average house price is £413,000 with an 11 per cent increase over the last 12 months. Savills reports that Help to Buy has only accounted for 2.9 per cent of new builds across Brighton & Hove in the last five years so, for first-time buyers in the area, Home X is considered crucial as a route to home ownership. New residents are now moving into the development, in Lewes Road, and are choosing a selection of studios, one and two bedroom apartments with Help to Buy where buyers can purchase property with a five per cent deposit. The initiative allows first-time buyers to purchase a property with the help of an interest free loan worth up to 20 per cent of the purchase price for five years to help towards their deposit.
The homes are nestled between the South Downs and the sea and are a moment’s stroll away from innovation and collaboration hub, Plus X. The new community taking shape will revel in Home X’s high quality residential spaces each with cutting edge technology, landscaped outdoor spaces and inspiring flexible workspaces.
Rich Login, Director of Sales and Marketing, at Optivo, comments: “As people feel the pinch with inflation rises it is important we give first-time buyers help to get on the property ladder. Those who may have been considering this initiative should look to benefit before it’s too late, and as an industry we need to look at ways to fill the void that will be left by Help to Buy ending.
“At Home X we are building much needed, affordable homes and have seen an increase in interest from first-time buyers using Help to Buy since the beginning of the year and are looking forward to welcoming our first residents in this new, vibrant neighbourhood.”
Home X is part of the Brighton’s largest regeneration scheme, delivered alongside U&I, Brighton & Hove City Council and the University of Brighton. Residents will benefit from a new street with commercial spaces including a convenience store, café space and workshops, alongside a medical centre and pharmacy, and for those who like to keep fit, a 1km running and fitness route.
Home X apartments are bright and spacious with high quality, open plan living spaces, wide hallways and plenty of storage space. The homes are flooded with natural light from the floor to ceiling windows, kitchens are fitted with smart and energy-efficient Siemens integrated appliances and bathrooms rock modern matt black fixtures and fittings.
Selected apartments come with either their own balcony or terrace for much needed outdoor space. Residents making Home X their preferred living choice will also benefit from a concierge service in the ultra-cool communal space, a wellness area for time out, car club membership and choice of either free 12 month bus pass or bike hire membership as part of Optivo’s travel plan.
Tom Bryant, head of new homes for the south east at Savills, adds: “Help to Buy offers first-time buyers a great chance to get on the property ladder, providing a helping hand for those who do not have enough deposit to buy on the open market. With a historic shortage of Help to Buy stock in the area, Optivo is making a real difference with the provision of high quality new homes in an exciting new community.”
A striking new bridge now links the new community with neighbouring residential areas. Lewes Road Bridge will be for pedestrians and dismounted cyclists, bringing the communities of Saunders Park View closer to Lewes Road and Moulsecoomb Station, as well as bus routes into town and the sea.
Home X is on the market through Savills, with prices starting at £231,000 for a studio apartment, £293,000 for a one bedroom apartment and £381,000 for a two bedroom apartment, all available with Help to Buy, which comes to an end in March 2023.
Other homes are also available to purchase with Shared Ownership. To find out more, please visit www.home-x.co.uk or call 01273 068032.