Great new homes in Essex for first-time buyers and investors

Whether you are looking to buy your first home or an investment property, there are a wide selection of options available in Essex, particularly as far as new build homes are concerned.

First-time buyers
Those first time buyers who are still hopeful of getting a foot on the housing ladder still do not expect to be in a position to secure a mortgage until they are at least 38 years old, mainly because mortgage borrowers need to raise large deposits. Research shows that first-time buyers currently pay average deposits of 20%.

However, some housebuilders are offering a selection of new homes in Essex for sale with absolutely no deposit needed, making it far easier for young people to get a foot on the property ladder.

Developer Linden Homes, for example, is currently offering a new 100% mortgage for first-time buyers seeking to purchase a home at its Northfields development in Colchester.

The 100% mortgage is available to buyers of the two, three and four bedroom homes priced under £250,000 at Northfields, with a parent or grandparent guaranteeing 25% of the value against an existing owned property. Prices currently start at £172,500 for a two bedroom terraced house.

Investment properties in Essex
Whether a property investor is looking for a solid buy-to-let investment or simply to gain from future capital growth, new build homes in Essex have the potential to be good investments.

Weston Homes' new Morello Quarter development in Basildon and Hawkins Wharf in Colchester, are proving highly popular with buy-to-let investors, thanks to a high level of demand from tenants. Investors can generally expect to yield an annual rental return of in excess of 6% in these areas, based on local rental market values.

Morello Quarter, the Bronze Award winning development for ‘Best Starter Home' at the 2010 What House? Awards, comprises 425 luxury one and two-bedroom apartments. Prices at this development start from £125,000.

As part of the £2bn "More Basildon" Vision, Morello Quarter is an integral part in the transformation and regeneration of Basildon into one of the UK's most modern towns, putting the area firmly on the map ahead of the London 2012 Olympics.

With huge demand from people looking to rent properties in Essex, Morello Quarter and Hawkins Wharf are ideal for investors looking to make a timely profit in the property market," said Bob Weston of Weston Homes.

Beat the recession
In addition to good rental returns, research shows that the prices of new homes in parts of Essex, located within close proximity to London's tube network, have generally held firm and attract top prices.

A report released by Nationwide found that properties situated within 500 metres of a tube station attract a seven percent price premium over those 1,500 metres away, even during the recent economic downturn.