First Time Buyers offered Government help to buy home at Park Hill

Part of the master plan for Park Hill’s resurrection, and under-pinning a proportion of the scheme’s government funding, was to ensure that Sheffield’s first time buyers weren’t left out in the cold. To that end, 12 one and two bedroom apartments are now being made available for Shared Ownership sale. Prices start at just over £30,000 for a 35% share. It will be £45,000 for a 50 per cent share - bringing them well within reach of people on lower to middle incomes.

The minimum annual salary required from eligible buyers will now be around the £16,000-£18,000 mark. This compares to an estimated £27,000 per annum if you were to buy via a traditional mortgage. Shared Ownership also significantly reduces the deposit required by lenders.

The striking Urban Splash re-development will ultimately offer refurbished contemporary apartments for outright sale, Shared Ownership and rent. Those now being made available for Shared Ownership sale are there to help working people on lower incomes to achieve their goal of home ownership.

They are being sold by Urban Splash on behalf of Plumlife, the affordable home ownership arm of Great Places Housing Group, a key investor and partner in the project.

Shared Ownership gives working people who earn a combined household income of under £60,000 per annum the chance to buy a percentage of their home, and pay a small rent on the remainder they don’t own. This helps people into home ownership by allowing them to purchase an affordable share in their home – made even more affordable by some lenders who are currently requiring only a 5% deposit

At a time when the disparity between salaries and house prices has never been greater – schemes like Shared Ownership come in to their own. The average starting salary for a graduate nurse or primary school teacher is currently around £21,000 – less for many working outside the public sector. Shared Ownership gives hope to many who regard home ownership as an unobtainable dream.

The Park Hill apartments are perfectly placed in Sheffield's city centre offering superb views over the city with big picture windows, maximizing the light and space, have balconies, some are duplex and are all complete with contemporary fitted kitchens with stainless steel oven and hob extractor, crisp modern bathrooms, under-floor heating, thermal and acoustic insulation, electronic key fobs and CCTV security cameras.

Plumlife deputy chief excecutive, Matthew Harrison, executive said, “The scheme brings these fantastic apartments within reach of ordinary working people who are currently priced out of the property market through no fault of their own.

“It’s crucial we support first time buyers in Sheffield, enabling them to stay in the hub of things and enjoy a really good quality of living at a price they can actually afford. This is a chance to buy a slice of Grade II listed history, brought bang up to date for future generations to come. The homes at Park Hill offer something truly unique and special; yes, they look great, offering loads in terms of practical and aesthetic living space – but crucially, they’re placed within a new, revitalised and flourishing community.”

Nicola Wallis, Director of Sales at Urban Splash said: "The refurbishment of Park Hill has been about creating some great living spaces within an amazing building that can once again be home to a mixed community. Being able to offer some of the apartments through Shared Ownership is such great news in today's climate. Our mortgage workshops that we have been holding at Park Hill have been very successful enabling customers to ask questions of our independent financial advisor in a relaxed and informal environment. Shared Ownership at our other schemes is going well so we are very excited to be able to offer the same product at Park Hill."

As part of its affordable home ownership service, Plumlife offers free impartial mortgage advice through its panel of and Independent Financial Advisers. There are currently several lenders offering highly competitive rates for Shared Ownership buyers, including a new 5% deposit product from Santander, available to Plumlife buyers.