Open to first-time buyers and homeowners, the government-backed NewBuy purchase assistance scheme has started to gain momentum since its launch in the spring and hundreds of homebuyers have signed up to buy a new-build property with a NewBuy mortgage. One of the scheme's most prominent advocates in London is award-winning developer Berkeley Homes, which is offering it at a number of its current developments in the capital.
NewBuy offers creditworthy property seekers access to mortgages that require as little as 5% as a deposit. It is available on new homes valued up to £500,000 from housebuilders and developers that have signed up to the scheme. Buyers must be purchasing a main residence (not an investment property) and be a UK citizen or have indefinite leave to remain in this country.
Paul Vallone, Managing Director of Berkeley (Urban Renaissance), says: "NewBuy has presented an exciting opportunity to help purchasers get on the property ladder and buy an affordable, new-build home with only a small deposit of just 5%. At Berkeley, we are offering the scheme on three prestigious developments, which are all in highly sought-after locations in London and in particular, Royal Arsenal Riverside and Marine Wharf both offer flexible living accommodation, while the homes at Kidbrooke Village provide much-needed, ample storage space. The properties are also covered by a ten-year new home warranty and two years of exceptional aftercare from Berkeley."
Kidbrooke Village in southeast London will provide some 4,000 new homes over the coming years to replace a run-down estate with eye-catching, high-specification new homes, commercial and retail premises and a new transport hub. Prices for one-bedroom apartments at the almost-complete first phase of this award-winning development start at £200,000.
Another well-establish Berkeley scheme has been taking shape in Woolwich. Royal Arsenal Riverside is another major regeneration project, this time on the site of the famous munitions factory, with over half the projected 4,000 homes already built along with a gastro-pub, supermarket, pharmacy, gym and well-being centre. The current availability includes one-bedroom apartments priced from £252,500.
One of Berkeley's newest schemes is Marine Wharf in Surrey Quays, which will comprise over 450 new homes alongside shops, restaurants, a supermarket, park and community facilities. The first phase to be launched will be Sirius House, which will have a range of one-, two- and three-bedroom apartments and penthouses. The first two-bedroom properties are priced from £400,000.