How to own a new home in North Warwickshire for 70% of the price

Elan Homes is working with North Warwickshire Borough Council to help make owning a new build home easier to afford.

The homebuilder is launching discount to market value properties at Millbridge in Shuttington over the weekend of July 12/13.

Under the scheme, subject to criteria, eligible purchasers could purchase selected new homes at just 70% of the open market value.

Elan regional sales director Tracey Ball explained: “It’s important that when we plan and build new homes, we cater to local housing need. Millbridge is an intimate development of just 24 homes yet offers a diverse range of properties with two to five-bedroom options available. We’re also helping address a requirement for low-cost homes with a third of the homes available at discount to market value.

“We’re extending an open invitation to anyone who thinks they could qualify to join is for the launch of our discount to market value homes. During the event we’ll have independent financial advisors available to share their expertise.”

The affordable housing scheme is part of a government initiative designed to offer better access to housing and help first time buyers get a foot on the property ladder, by providing low-cost housing.

To be eligible to purchase a property at discount to market rate, a buyer must have a local connection to North Warwickshire and a household income of under £80,000.

This could be someone who’s lived or worked in the area for at least six months; those who previously lived in the area for three of the last five years or if there’s a long term need to live in the area to care for or receive care from a relative.

A financial assessment is required and buyers must demonstrate that their total savings and mortgage offer in principle do not exceed the open market value of the property they want to purchase.

Under the scheme, two-bedroom Sutton style properties are available from £192,500, with three-bedroom Broctons available from £231,000.

“The beauty of buying in this way is that it’s a genuinely affordable route to homeownership and you’ll own 100% of the property. It’s great solution for first time buyers, those starting over or downsizing who may otherwise think they’ve been priced out of the housing market,” Tracey added.

“Then when you’re ready to sell, you’ll do so at 70% of the open market value so others can enjoy the discount too.”

Homes at Millbridge are ideally placed on Main Road, Shuttington. There’s a public house, convenience store and village hall all within walking distance. Plus, Polesworth Secondary School and Newton Regis Primary School are within easy reach.

Supermarkets, independent shops, cafés, restaurants and more are around 10-minutes’ drive away in Tamworth.

The show home at Millbridge is open Thursday to Monday from 10am to 5pm. Join Elan over the weekend of July 12 and 13 to learn more about the discount to market homes.