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Housebuilder forecasts a spike in demand from first time buyers once lockdown lifts

Miller Homes, the award-winning housebuilder, is forecasting a spike in demand from first time buyers in Trafford looking to secure their own space as soon as lockdown lifts.  Figures show a dramatic 35% increase in online home searching and figures from the Land Registry show that after the first lockdown, demand for flats and apartments rose by 7.3% in Manchester alone in a single month*.

First time buyers in Trafford have historically struggled to get on the housing ladder with an average house price now standing at £299,380** as the region continues to attract foreign investment.  Miller Homes, who are currently building 191 apartments and 91 houses on their ‘Novus’ development in Stretford, are looking to attract local buyers with one-bedroom apartments starting at £154,000. First time buyers of these homes will also be exempt from paying Stamp Duty fees, which is only required if their property purchase is over £300,000.

The new apartments are proving popular, with more than 25% already sold.  To further support purchasers, carpets and Amtico flooring, integrated appliances, fitted wardrobes, down lighters throughout are included within the specifications of the apartments. Furthermore, furniture packs are currently available on selected apartments which includes a sofa, kitchen table and chairs, crockery, kettle, toaster, king bed, bedside tables, bedding. Perfect for those looking to get their foot on the ladder and purchase their first home independently.

Clare Noakes, Sales Director for Miller Homes in the North West, comments: “We saw a large spike in demand at the end of the first lockdown and expect this demand to continue as people look to secure their own space. This time of year is typically popular with people wanting to make a fresh start in a new home, however with the new equity loan scheme coming in place and a package to support first time buyers we expect that the drive for a new homes will be bigger than ever in the coming months.”

Help To Buy, which supports potential first time buyers looking to buy a new home in the North West of England up to £224,400, is a Government-backed scheme designed to help buyers with just a 5% deposit apply for an additional 20% equity loan from the Government.  This means that they only need to secure up to a 75% mortgage from a bank or building society.

Speaking about the new Help To Buy Scheme, Andy Mannion, Director of RSC New Homes, said: “Main benefits of the scheme are that the lenders see the equity loan as additional deposit meaning that mortgage rates at 75% are available to purchasers, which are much more competitive than 90% mortgages.  This comes with all the energy efficient benefits of purchasing a new build home.”

The Novus development has been designed by Manchester-based Calderpeel Architects and will include apartments split across 10 blocks, ranging between three and six storeys, and include a mix of 50 one-beds and 141 two-beds.  The bespoke development features bold, urban contemporary design houses split between a mixture of 66 three-beds, alongside 21 four-beds and four two-beds homes. 

The Novus marketing suite remains open 7 days a week between 10.30am and 5.30pm.  Call 03330 600 059 to make an appointment or visit https://www.millerhomes.co.uk/new-homes/north-west/novus-stretford for more information.

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