L&Q has reserved all 83 Rent to Buy apartments at L&Q at Trafford Waters following an exceptional demand for the affordable homes, which attracted 2,217 enquiries – equivalent to almost 27 leads per property. This exceptional demand highlights the gap between the number of people looking for affordable housing and the number of homes available.
The exceptionally strong interest was generated within 6 months, with all homes let within 7 months of the developments launch. The figures provide a snapshot of the significant scale of demand for more affordable routes towards homeownership in the North West, and demonstrates the important role schemes such as Rent to Buy play in helping buyers.
Rent to Buy is a government-backed scheme designed to tackle one of the biggest barriers facing aspiring homeowners: saving for a deposit while also paying private-market rent. With rents set at around 80% of the local market rate, the Rent to Buy scheme aims to give residents greater financial breathing space and the opportunity to put the difference towards a future deposit.
Applicants at L&Q at Trafford Waters ranged from 18 to 64 years old, demonstrating the broad appeal of the tenure across different age groups and stages of life. Demand also came from people working across a huge variety of professions, from nurses, teachers and care workers to engineers, accountants, software developers, drivers and hospitality workers – highlighting the range of working households looking for a more affordable route towards homeownership.
Andrea Palmer, Head of Intermediate Rent at L&Q, comments: “More than 2,200 leads for just 83 homes speaks volumes about the sheer level of demand we’re seeing Rent to Buy homes. The response we’ve seen shows that many working households are actively looking for good quality housing at a more affordable rent, and that demand continues to far outweigh supply.”
“For many people, the ambition to own a home is there, but saving for a deposit while paying private-market rent remains a major hurdle. Rent to Buy gives residents some financial breathing space by offering homes at around 20% below local market rents, creating an opportunity to put more aside each month towards that future deposit.”
L&Q at Trafford Waters is part of the wider Trafford Waters masterplan, a transformative new regeneration neighbourhood located between the Manchester Ship Canal and the Trafford Centre. The 55-acre site that will eventually deliver up to 3,000 homes, alongside new 20-acres of new green spaces, shops, cafes, commercial space and a primary school.
With a strong local industrial heritage to draw inspiration from, the development’s building exteriors are finished with distinctive brick facades and warehouse-style metal detailing. Inside, homes are built to a high standard with sleek, open plan kitchen, living and dining spaces and fully integrated appliances. Each apartment also includes a private balcony overlooking communal landscaped gardens, walkways and cycle paths. A limited number of private parking spaces are also available to residents.
L&Q at Trafford Waters is surrounded by amenities that make everyday life easy – and enjoyable. The nearby Trafford Centre is home to over 200 shops, restaurants and leisure spots whilst ASDA, Costco and leisure facilities such as David Lloyd, The Snow Centre and The Padel Club are all within walking or cycling distance. For evening entertainment, residents can enjoy headline acts at O2 Victoria Warehouse a 20-minute tram ride away, or a drink at the nearby Swinging Bridge pub, a 7-minute walk from home. Residents can also take advantage of nearby green spaces and waterside trails, with Trafford Ecology Park and Brookhouse Playing Fields an 11 and 16-minute cycle away, respectively.
With Trafford Centre Metrolink Station a 16-minute walk from home, residents can enjoy easy tram access to Manchester city centre in just 20-minutes. Those commuting by car benefit from immediate access to the M60, with the M62, M56 and M61 also nearby. Manchester Airport is just a 15-minute drive or an hour’s journey on public transport while Liverpool John Lennon Airport can be reached in under 45-minutes by car.
To find out more, visit: https://lqhomes.com/traffordwaters/
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