Mortgages remain difficult to obtain, but if the price is right, it's still possible for first time buyers to climb onto that slippery first rung of the property ladder from the selection of new homes for sale in Coventry available now. It's a particularly good location for first-time buyers to find a property, with housebuilders looking to win buyers over with affordable house prices, and a range of incentives.
The second largest city in the Midlands after Birmingham, Coventry is 95 miles northwest of London, and is the city furthest from the coast in England. With its proximity to the M6, M69, M45 and M40 motorways, it has excellent transport links, with regular rail services running between London (75 minutes), Milton Keynes (30 minutes), Oxford (50 minutes), Reading (75 minutes) and Birmingham from Coventry railway station.
North of the city in Keresley End, Barratt Mercia is selling nine apartments for first-time buyers at Zest on Exhall Road, within easy reach of the A444 to Coventry and the M6. The countryside of rural Warwickshire is close by, while buyers will also have easy access to Coventry city centre. Starting at £107,500, the flats feature two bedrooms and two bedrooms, with an en suite off the master bedroom. Buyers can specify their own design requirements under the Choices Range.
Buyers need only raise £86,000 to purchase, under the terms of the company's Head Start shared equity scheme, specifically designed for first-time buyers without the large deposit required by lenders. Only a five per cent deposit is required and purchasers then have to find an 80% mortgage, which should be easier and cheaper than for 90% home loan. The remaining 15% of the purchase price is funded by Barratt Mercia with a 15% no-interest loan, which is paid back after 10 years or when the buyer sells the property, whichever happens first.
On the outskirts of the city, homes built by Barratt Homes at Icon are priced from £79,950 for a one-bedroom house. Ideal for couples looking to start a family, there are 60 schools within a couple of miles of the development, and a wide range of property styles are available on site to suit different requirements.
Heading closer into Coventry, Persimmon has one-bedroom flats for sale at Venue@Bannerbrook Park from £72,246 for first time buyers under Persimmon's shared equity scheme, Helping Hand. A range of one-, two- and three-bedroom apartments are on offer.
Two miles away from Coventry's centre in the regeneration area of Stoke Heath is Liberty Park. Built by Wates Living Space, homes start from £69,995 under the government's HomeBuy Direct programme. Near a range of good local schools, retail parks and the new Walsgrave Hospital, there are regular bus services into the city centre for commuters.
Nine miles north of Coventry in Nuneaton, Redrow is selling homes at Eliot's View, with two-bedroom homes starting from £114,995. Named after nineteenth-century author George Eliot, who wrote about Nuneaton in her 1858 novel, Scenes of Clerical Life, the scheme is close to Nuneaton's town centre, offers easy access to Coventry and the nearby towns of Atherstone and Hinkley. An 85%/15% equity share is available on certain plots for a limited period of time.
Barratt Homes' Head Start shared equity scheme is available on selected properties at its Zest development in Keresley End, which offers great access to both the city of Coventry and the Warwickshire countryside, and buyers may need as little as £86,000 to buy a new home there