This is in sharp contrast to the report, which illustrated how the lack of affordability of many new homes in the UK for first-time buyers had led to a declining trend in homeownership. With large deposits required by many mortgage lenders, and punative interest rates for new buyers on some home loans, many of those who could otherwise benefit from the lower cost of owning compared to renting were unable to move out of rented accommodation.
Prices for outright ownership on this first phase of Aspire range from £124,995 to £249,995. Some 17 homes on the first phase will, however, be offered with an affordable option, with 97 homes on the completed scheme earmarked for affordable rent and shared ownership and a proportion of the remaining 226 properties expected to be available with HomeBuy Direct funding.
It is the first time that Orbit Homes has offered homes on an outright sale basis, having achieved great success in recent years in the construction of affordable properties in the East Midlands, East Anglia and Kent. These affordable new homes in Bedford are located on the outskirts of town, close to the countryside and just ten minutes' drive from the town centre and station.
At a stakeholder event last week, there were no fewer than five show homes to view, ranging from a one-bedroom apartment to a four-bedroom townhouse, demonstrating the range of buyers that have been considered at the scheme. These show homes are open to view Thursday to Monday, from 10.00am to 5.00pm.
Diane Webster, Sales and Marketing Manager at Orbit Homes, says: "HomeBuy Direct is the perfect solution for those who would like to buy a home of their own but are struggling to find a home they can afford on the open market. The scheme allows purchasers to own 100% of a brand new home while paying a minimum of just 70% of the purchase price, this means that the mortgage deposit required and mortgage repayments are much less than if the property was purchased outright."
These Bedfordshire new homes are conveniently located for the A428 (to St Neots and Cambridge) and A1 (to London and the North). The rail station provides direct services to Luton, London, Gatwick Airport and Brighton as well as cities in the Midlands such as Leicester and Nottingham. Bedford itself has a good selection of shopping and leisure amenities, is home to two universities and numerous well-renowned schools.
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