High Take-Up Of Help To Buy At Worcester Scheme

Posted 25 November 2020 by Keith Osborne

The vast majority of buyers at The Iceworks are first-time buyers using the government-backed scheme to purchase their home...

Agent Nicol & Co has seen most purchasers at The Iceworks development in Worcester use the Help to Buy scheme as deadline approaches to use the scheme in its current format, prior to tighter restrictions next year.

Five of the six homes sold since the recent launch have been under the government-backed shared equity scheme, which requires buyers to provide only a 5% deposit and 75% mortgage, with the government providing the other 20% as a loan which is interest-free for five years.

The brainchild of local builder Kelvin Sparrey, who has had a hand in the renovation of several important local buildings, The Iceworks is a 54-apartment redevelopment of a 19th-century water mill in St John’s on the city’s outskirts and Georgina McGorrigan, new homes sales manager at Nicol & Co, has pointed out that the current Help to Buy scheme will only be available on applications until 15 December.

She said: “The activity levels and viewings have been really positive, as expected for such a unique development, and we’ve already sold more than £1million worth of apartments. What’s interesting is that over 80% of purchases have come from first-time buyers – and all of them have been using the government’s Help to Buy scheme.

“Buyers wanting to get on the housing ladder really to need to make the most of scheme now. They should also be aware that they need to make applications fast as it ends in March, with only weeks to go before the deadline for new applications.”

Phase one comprises 21 apartments in two blocks due to be completed early in 2021. One block has nine apartments with two bedrooms and one bathroom over three floors, with 12 similar apartments over four floors in the other. There are just two with outside space still available. Phase two of the project will see the former flourmill on nearby Bromyard Road converted into 33 apartments, all with two bedrooms and two bathrooms.

The IceworksThere are three show apartments to view at The Iceworks, including ‘The Laugherne’, a 625-sq-ft property with two double bedrooms and a Juliet balcony overlooking the brook after which it is named, priced at £172,500. Others are ‘The Lily’ and ‘The Mallard’.

McGorrigan added: “There are several other developments in Worcester, but not many offering a ground-sourced heat pump that almost halves average utility bills.

“The apartments all have a high-specification finish and they are in a great location – with easy access to city centre, the university campus and easy road and rail links to Birmingham, Cheltenham and beyond.

“The sales so far have been agreed before the apartments have been completed, and I’m sure that once phase one of the project is finished, the rest will fly out.”

“These are wonderful new apartments, especially for first-time buyers, and we don’t want anyone to miss out on the Help to Buy scheme that makes them so affordable.”

Prices range from £152,250 to £185,000 for the apartments remaining in phase one of The Iceworks, but Help to Buy means that buyers with a deposit of around £7,000 would only require a mortgage of £114,000. Viewings are available to book from Monday to Saturday.

Find out more about current developments for sale through Nicol & Co.

 

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