With rising costs and increasing demand for homes in the UK’s major cities, many first time buyers are faced with significant roadblocks on their route to homeownership. A recent report from BSA has revealed that it is now more costly than ever to be a first time buyer, when considering data from the past 70 years.*
Addressing the demand for affordable homes is L&Q at Victoria Riverside, located in Manchester city centre. Launching this summer, it will bring a brand-new collection of stylish one and two bedroom apartments to the market through shared ownership – providing a vital steppingstone for first time buyers looking to get onto the property ladder.
Designed with first time buyers in mind but available to anyone priced out of the property market, the Government-backed scheme aims to provide an alternative low-cost route to homeownership, helping house hunters find a home that meets their affordability needs. Using the scheme, buyers can purchase a share of their new home, starting from 25%, paying a mortgage on the part they own and monthly rent on the portion of the home they don’t.
As and when shared owners can afford to do so, they can purchase more shares through a process called ‘staircasing’, eventually owning 100% of their home.
Claire Brenlund, L&Q Sales and Marketing Director comments,
“L&Q are excited to be launching a brand-new collection of Shared Ownership homes in Manchester this summer – L&Q at Victoria Riverside is in a highly desirable, well-connected location which could feel financially out of reach to many buyers.
“Tackling the housing crisis is a top priority for L&Q, and as one of the largest developments of affordable homes in the city centre L&Q at Victoria Riverside offers a unique opportunity for those looking to buy an apartment in the city centre.”
A contemporary collection of 128 one- and two-bedroom shared ownership apartments, L&Q at Victoria Riverside is situated within The Green Quarter and is part of the Red Bank neighbourhood within the wider Victoria North project (a joint venture between Far East Consortium and Manchester City Council, ultimately delivering 15,000 new homes alongside improved transport links and community facilities). Contemporary in design and offering resident access to the on-site gym, concierge service and co-working space, apartments are walking distance from a selection of independent restaurants, bars, cafes and shops.
For residents looking to engage in Manchester’s diverse cultural scene, homes are located close to one of Manchester’s ‘trendiest’ neighbourhoods, Ancoats, known for its eclectic food and drink scene and home to a selection of art galleries, music venues and concept stores to explore. As well as a plethora of amenities within the neighbourhood itself, L&Q at Victoria Riverside is moments from some of Manchester’s best green spaces. Residents can enjoy tranquil strolls along the River Irk towpath, while nearby Cotton Field Park offers a boardwalk and ‘urban beach’ – ideal for summertime picnics.
L&Q at Victoria Riverside benefits from fantastic transport connections across the city. Manchester Victoria Station is a short walk from the apartments, offering regular services to Liverpool in less than 40 mins, Leeds in 55 mins and Manchester City Airport in 30-mins. Nearby trams and buses also provide effortless connections across Manchester, while several local shopping and cultural destinations can be reached on foot.
Register your interest at https://lqhomes.com/victoriariverside/
Shared Ownership terms and conditions apply.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
