A NEW housing development in Middleton is proving popular with three homes snapped up in the first two weeks.
Elan Homes has just launched Millfields on Boothroyden Road, offering a choice of two, three and four-bedroom homes available with the Government-backed Help to Buy equity loan scheme.
The early success of the development points to a buoyant local market at a time when house prices are at a four-year high. The Royal Institution of Chartered Surveyors attributes the rise in prices to a combination of pent up demand, low interest rates, the removal of Stamp Duty on properties priced up to £500,000 and changes in buyers’ priorities post-lockdown.
Marie Morris, sales director for Elan Homes in the North, said: “Across all of our developments we’ve seen an increase in enquiries in recent weeks. The launch of Millfields in Middleton has been well received as it offers a good mix of properties suitable for first time buyers, families and downsizers and is within easy reach of Manchester city centre.
“The combination of the Stamp Duty holiday, plus the availability of Help to Buy equity loans, which are exclusive to new build homes, makes moving here an attractive prospect.
“In its current form, Help to Buy is open to first time buyers and those who have sold their current property subject to contract. But the scheme is being replaced from April next year when it will be restricted to those buying their first home and regional price caps are introduced.”
Exclusive to new build properties, Help to Buy offers buyers the chance to take out an equity loan for up to 20% of the price, interest free for five years. Using the scheme, customers should typically only need a 5% deposit and 75% mortgage as the equity loan covers the remaining share. The equity loan can be repaid when buyers have more funds available or when they resell.
“There’s perhaps never been a better time to buy a brand new home. The combination of the Stamp Duty holiday, plus Help to Buy could lead to substantial savings,” Marie added.
“This is potentially life-changing as otherwise they may be left living in a home that no longer suits their needs.”
Current availability at Millfields includes three-bedroom homes priced from £204,995, with four-bedroom properties priced from £290,995.
“One of the advantages of buying in a development’s early stages is being able to make design choices to make your home truly your own,” Marie added.
“For example, customers can select the style of kitchen and the finish of the bathroom tiles.”
For more information or to make an appointment with the sales team, call 01618265509 or see https://www.elan-homes.co.uk/developments/millfields.