First time buyers snap up affordable homes in East London

New homes developer Countryside Properties has witnessed an increase in the volume of first time buyers purchasing affordable homes at its East City Point development in Canning Town E16.

With 28 new homes sales since the start of marketing in late October there is substantial demand with many purchasers realising that it can be cheaper and more desirable to buy an affordable home than simply rent.

East City Point benefits from the Homes and Communities Agency's (HCA) FirstBuy, an equity loan scheme now available to help first time buyers get on the property ladder. FirstBuy means that eligible first time buyers can purchase 100% of their new property for 80% of the purchase price and they only need a deposit of just 5% with a 75% mortgage.

According to a survey conducted by the housebuilder, 96% of purchasers at East City Point have either been renting or living with their parents and have been attracted to the new homes development because their mortgage payments are cheaper than the cost of renting.

Ian Hepworth, sales and marketing director for Countryside Properties, commented: "FirstBuy is working very well at East City Point and making home buying highly affordable for customers looking to step onto the ladder. Mortgage payments are often less than rental and with the numerous other advantages that come with owning your own home, it has attracted a lot of first time buyers who have been living in rental properties and with their parents. We are doing everything we can to assist buyers to realise their home buying aspirations."

East City Point forms part of the £3.7bn regeneration of Canning Town and Custom House which will change the face of the local area. The development will also feature a new primary school located at the heart of the scheme, which is a partnership between Countryside Properties and the London Borough of Newham.