Telford 24 Seven

Where’s the cheapest property in town?

One of Telford’s cut-price property bargains

Young people in Telford in a position to get on the property ladder can make a killing by making low offers. It’s now relatively easy for a buyer with funds in place to go out and grab a good deal.
If you want to find a first home in Telford, it’s well worth keeping your options open. Check out prices in the lower end of the market, for example a one or two-bedroomed flat. We contacted Telford estate agents to find the cheapest property in the district.
It was at DB Roberts’ Telford branch. The company had a one-bedroomed ground floor flat in Bembridge, Brookside, with its own garden at £65,000, for which you would need a five per cent deposit.
The well-presented property has a security intercom entrance, entrance hall, good sized bedroom, well presented bathroom and a breakfast kitchen with room for a table. As well as a lounge and rear garden with lawn, beds and fencing.
DB Roberts also had a one-bedroomed ground floor apartment in Orleton Lane, Wellington, for £74,995 and, amazingly a three-bedroomed end of terrace house for £75,000 in Stanwyck, Sutton Hill. The house is reasonably priced as it’s in need of cosmetic work – translation a doer-upper.
Tristans of Oakengates had a real bargain property in the shape of 163 Burford, Brookside. The cheapest one on its books, it was a second floor maisonette on two floors, again with no chain at £72,000. The agent also had a one bedroomed first floor flat at 10 Stonebridge Close, Aqueduct at £84,950 and a two double bedroomed second floor maisonette (very smart interior), 42 High Street, Wellington at £92,500.
And Weston Hare of Wellington told us about a single double bedroomed apartment in Perry Court, Dothill, which was on at £76,000. With a lounge, kitchen, double bedroom and bathroom this even came with its own patio garden area.

New developments
We followed our investigation into the second-hand market with a scan round Telford’s new developments. Developers are having to pull out all the stops in a bid to encourage people to buy, meaning that more incentives are being introduced.
Some pay the deposit or legal fees, while others knock off a percentage of the asking price, which you agree to pay off later.
The Government’s new initiative to help first-time buyers is for those with a household income of £60,000 or less. They have the opportunity to apply to buy a share of a home, under a Homebuy programme. The scheme had only previously been open to key workers like nurses and teachers.
A few of the developers offering this locally:
l Crest Nicholson is offering buyers a range of incentives at their Lightmoor Green development in Telford, including a low cost ownership programme and MyChoice HomeBuy, which is through the Government.

Estate agents say ‘buy now’

Amanda Benjamin, area sales manager for Crest Nicholson (Midlands), said: “First time buyers are ideally positioned to take advantage of the credit crunch. There is a wealth of incentives and deals.”
l Bryant Homes development at The Village, in Ketley, is offering buyers a deal where they pay only 75 per cent of the purchase price now, through their Market Plus scheme. No deposit is required and you will still own 100 per cent of the property. The other 25 per cent is provided rent-and-interest-free by Bryant Homes for up to ten years – at which point purchasers repay 25 per cent of their homes’ current market value. Carol Edwards, regional sales and marketing director said: “This is a fantastic scheme and a genuine step onto the housing ladder.”
l George Wimpey has a similar scheme at its brand new Castle Meadows site, in Hadley, called Easy Start, which enables buyers to pay for 75 per cent of the property now, but again own 100 per cent. This would mean that you would pay just £112,496 for a three-bredroomed Brecon design, as opposed to £149,995. There’s also help with legal fees and a part exchange scheme.

More info
l Crest Nicholson: call 0870 754 0945 or log onto www.crestnicholson.com/
lightmoorgreen
l www.georgewimpey.co.uk/newhomes
l www.bryant.co.uk

Top tips
l Take your time. It’s a buyers’ market.
l Have a good look round. Join agent’s mailing lists. Give them your mobile number, so that they can text you about new instructions straight away.
l Don’t panic buy. If you lose out on one property, there’s likely to be another.
l Put in a lower offer. Be cheeky, you can always go higher.
l Don’t worry over your decision to buy. Agents expect the market to improve by January.
l Plan ahead. Look at your new home purchase as a long-term investment.
l Don’t go overboard when buying things for your new pad.
l Get good independent financial advice.
lMake sure you know how to run a home on a budget. Get advice on managing your finances.

Don’t be scared, buy now

Charlie Bowdler, a valuer with Tristans Estates, of Oakengates, says now is definitely the time to buy.
He says: “At the moment properties can go on for a certain price but are going for a lot less. Recently one property lost £35,000 and another £100,000. People are scared about putting an offer on a property.
“I think the media have talked people out of the market, while lettings have gone crazy.”
Charlie says the lower end of the market is holding up well. He adds: “Buying a property is still a good investment for people who can afford it.
“Now’s the time to buy if you can buy. There’s a lot of bargains out there.”

Be patient, rent instead
Julia Weston, of Weston Hare, says youngsters are safer renting. She says: “A lot of people are now renting out their homes because they can’t sell. Underneath the ‘for sale’ sign is now a ‘for let’ sign. The credit crunch has realigned the prices to what could be a sensible figure. Prices were wrong, they were over-inflated. You’ve only got to look back over history to see that this kind of thing has happened and that prices have dropped and then gone back up again. But yes, property is an investment in the long term. Looking over a ten-year period and you’ll always seem to be in a better position.” On the renting option, Julia adds: “I personally feel that a couple should rent. A: because you don’t know if you’re going to get on and B: it’s easier to move out of rented and go back to mum and dads’.” Julia says you can get rents from £300 a month upwards.