The Bank of England has cut interest rates for the first time since the financial crisis last week, and reduced its UK growth forecasts by the biggest margin on record. The rate was cut from 0.5% to 0.25%, ans some economists predict further cuts. But what does this mean for prospective house buyers in the East Midlands?
Over the rest of the summer, the property market is expected to remain quiet, and prices are expected to stay about the same - potentially placing buyers in a better position to negotiate a good deal. Fixed-rate mortgages are at an all-time low, too, so it is a great time to secure the cheapest rates. For those with a generous deposit of at least 35%, there is the rare chance of getting a 10 year fixed-rate mortgage at a rate as low as 2.39%, according to some reports – although buyers need to be aware of any early repayment fees if they are considering moving before their mortgage term is complete.
This is our latest round-up of current new housing developments in the East Midlands for buyers there who are considering taking the plunge while mortgage rates are relatively low.
Gretton Valley in Weldon, Corby, Northamptonshire (Larkfleet Homes)
Situated close to the lovely villages of Gretton and Weldon, just two miles from the town of Corby, Gretton Valley is set within 1,200 acres of parkland which forms part of Priors Hall Park.
The development is made up of eco-friendly one- to five-bedroom homes, each fitted with solar panels as standard. The new community also incorporates fabulous open spaces including several cycle paths, walking routes and recreational areas.
For buyers with children there is a nursery, a primary school and a secondary school all within a one-mile radius of Gretton Valley. Weldon itself is home to a good range of amenities including a decent village shop, pubs and a church, and Northampton is only about 23 miles away.
Prices: From £121,995
Find out more about Gretton Valley from Larkfleet Homes
Coupe Gardens in Rainworth near Mansfield, Nottinghamshire (Taylor Wimpey)
This rural development promises a quiet lifestyle in a well-connected village location just two miles from the market town of Mansfield, and within easy reach of Nottingham, 13 miles away.
Made up of a collection of three- and four-bedroom properties plus a two-bedroom bungalow, Coupe Gardens is close to all of Rainworth's amenities, including shops, pubs, takeaways and restaurants. The centre of Mansfield is only a short drive away, offering a wider choice of shops, entertainment options and leisure opportunities.
Residents will also find well-regarded schools within walking distance of the development, while commuters can enjoy easy access to Nottingham via the A60, and the M1 is easy to reach for connections north or south. Nearby, Mansfield railway station offers services to Nottingham, Leicester, Birmingham New Street and London St Pancras International.
Prices: From £180,000
Find out more about Coupe Gardens from Taylor Wimpey
Pastures New at Highfields Farm in Littleover, Derbyshire (Taylor Wimpey)
Also in a village location just a few miles from Derby's city centre, Pastures New at Highlands Farm offers a wide range of brand new homes including two-, three-, four- and five-bedroom options to suit a diverse range of buyers.
Littleover is an attractive village nestled in the Derbyshire countryside about three miles south-west of Derby city centre. Residents have a choice of local pubs and supermarkets, as well as an Indian restaurant and a social club. In nearby Derby there is a whole host of further eating and drinking options as well as shopping, leisure and entertainment venues.
For families with children the area is home to a wide choice of well-respected schools for primary and secondary education, all within easy striking distance.
Prices: From £195,950
Find out more at www.taylorwimpey.co.uk or call 01332 411871
Brindley Park in Chellaston, Derby (Radleigh Homes)
Situated in the village suburb of Chellaston just south of Derby, Brindley Park will be made up of 54 new three- and four-bedroom detached and semi-detached family homes, all with private parking and a secure rear garden. Creating a brand new community, the development will incorporate plenty of green, open spaces and a children's play park. The village itself is home to an excellent range of amenities including a library, a medical centre, pubs, restaurants and takeaways, and there is a great choice of schools and further education facilities in the area.
Commuters will be able to gain easy access to central Derby as well as Nottingham and Leicester via the A50 and M1 motorway.
Prices: From £238,000
Find out more at radleighhomes.com or call 01335 405858
Lantern Fields in East Leake, Loughborough, Leicestershire (Barratt Homes)
Three- and four-bedroom homes are currently available at this new development in the village of East Leake, which will ultimately be made up of two- to five-bedroom properties.
This development is ideal for growing families and commuters alike, with both primary and secondary schools within easy reach for those with children, and great transport links nearby. The East Midlands Parkway station is only a 15-minute drive away, for example, as is the M1 motorway, making it easy to commute to larger cities nearby. And for trips further afield the East Midlands airport is only eight miles away.
Prices: From £253,995
Find out more about Lantern Fields by Barratt Homes
Anvil Mews in Stamford, Lincolnshire (Allison Homes)
Ten stone townhouses arranged around a central block-paved gated courtyard make up the Anvil Mews development in Stamford, an attractive market town that was recently been voted one of the best places to live in the UK.
Designed to fit in with the traditional limestone buildings of the local area, these three- and four-bedroom homes are located just outside the old town wall. And while they remain in keeping with the town’s historic architecture, they also offer contemporary living areas.
The town itself has an excellent shopping centre, much of which you can explore traffic-free while admiring the 17th and 18th-century stone buildings and older timber-framed architecture.
For commuters, the railway station offers direct services to Leicester, Birmingham and Stansted Airport (via Cambridge) on the Birmingham to Peterborough Line.
Prices: From £520,000.
Find out more at www.allison-homes.co.uk or call 07717 895399
Edwalton Grange in Edwalton, Nottingham (Barratt Homes)
In the sought-after Nottingham suburb of Edwalton, this development is in an ideal location between leafy West Bridgford and the open countryside.
Offering a selection of two-, three- and four-bedroom homes available from October 2016, Edwalton Grange will be just a few miles from some of Nottingham's most highly-regarded schools, and a great choice of restaurants, cafés, bars and independent shops. There is also a local pharmacy, a Post Office, a butchers in the area, and large supermarkets nearby.
For commuters, it takes about 14 minutes to drive to Nottingham railway station, which offers connections across the country.
Find out more at www.barratthomes.co.uk.