New-build flats in Romford are ‘perfect’ for first-time buyers – with prices starting at £195,000

Sponsored Video
Spread the love
  •  
  •  
  • 1
  •  
  •  
  •   
  •  
  •  
    1
    Share

It can be rather tough for first-time buyers to get a foot on the property ladder – particularly in London – but these new-build flats in a converted flour mill in Romford claim to be some of the capital’s cheapest starter homes.

With prices starting at just £195,000, Papermill House, located at 363 South Street in Romford, is a courtyard development offering 115 stylish apartments.

Reaching six storeys high, the buildings have a brick façade with expanses of glazing; there are studios, one, two, and three bedroom apartments all available on the government’s Help to Buy scheme, which helps those with a small deposit to buy a home, and offers an interest-free loan as part of the deal. 

These are the cheapest flats that the developer Galliard Homes has launched to the market for several years. It has not sold new homes below the £200,000 mark since 2014, when it priced studios at a scheme in Hayes for £175,000. 

Tnew-build flats in a converted flour mill in Romford claim to be some of the capital's cheapest starter homes and the 'most exciting' place for first-time buyers. Pictured, the living room of one of the flats

Tnew-build flats in a converted flour mill in Romford claim to be some of the capital’s cheapest starter homes and the ‘most exciting’ place for first-time buyers. Pictured, the living room of one of the flats

With prices starting at just £195,000, Papermill House, located at 363 South Street in Romford, is a courtyard development offering 115 stylish apartments. Pictured, the bedroom in one of the apartments

With prices starting at just £195,000, Papermill House, located at 363 South Street in Romford, is a courtyard development offering 115 stylish apartments. Pictured, the bedroom in one of the apartments

Reaching six storeys high, the buildings (pictured) have a brick façade with expanses of glazing; there are studios, one, two, and three bedroom apartments all available on the government's Help to Buy scheme, which helps those with a small deposit to buy a home, and offers an interest-free loan as part of the deal

Reaching six storeys high, the buildings (pictured) have a brick façade with expanses of glazing; there are studios, one, two, and three bedroom apartments all available on the government’s Help to Buy scheme, which helps those with a small deposit to buy a home, and offers an interest-free loan as part of the deal

Papermill House is the redevelopment of the former headquarters of Neopost (now Quadient), one of the world’s oldest and most successful postal-franking machine companies – with the devices printing a franking mark directly onto the envelope or a label for parcels.

What is Help to Buy? 

Under the Help to Buy scheme, the Government gives borrowers a loan of up to 20 per cent of the value of a new-build home or 40 per cent in London.

The buyer can then get a mortgage with just a 5 per cent deposit, and the loans are interest free for five years.

After five years, homebuyers must pay an interest fee of 1.75 per cent of the amount of the Help to Buy loan at the time they bought the property.

This rises each year rises each year after that by the rate of inflation (the Retail Prices Index measurement, or RPI), plus 1 per cent.

For example, if a buyer bought a home for £200,000, they would put up a £10,000 deposit (5%), the Government would give a £40,000 loan (20%), and they would need a £150,000 mortgage from a commercial lender (75%).

Advertisement

The site was originally a flour mill, with Neopost House constructed in 1975 before the company’s headquarters and production relocated to Stratford in 2018. 

All properties on the sixth floor have a private balcony or terrace, with the first homes being complete in late 2020, while the rest will be finished in early 2021.

The apartments offer oak plank effect flooring throughout and built-in wardrobes to the bedrooms. There will also be fully integrated designer kitchens with stone worktops, while the bathrooms will have marbled porcelain wall tiling. 

Developers Galliard Homes say a buyer’s monthly mortgage repayments could be under £500: taking out a mortgage of just £146,250 (assuming an interest rate of 1.4% over 35 years).

Using the Help to Buy scheme, first-time buyers choosing a studio apartment priced from £195,000 would pay a £9,750 deposit.

Every buyer at Papermill House will be gifted a free furniture package worth £10,000 or £15,000 dependent on the apartment value, as well as a service charge contribution of £1,000 per year for the first three years. 

Papermill House is officially launching today, with viewing of the marketing suite and show apartments by appointment only. 

The development is well-connected for accessing central London, with Romford station just 13 minutes walking distance; with the forthcoming Crossrail service, the commute into London will be within 30 minutes. For road connections, the M25 can be reached in less than 15 minutes.

All properties on the sixth floor have a private balcony or terrace, with the first homes being complete in late 2020, while the rest will be finished in early 2021. The apartments offer oak plank effect flooring (pictured) throughout and built-in wardrobes to the bedrooms

All properties on the sixth floor have a private balcony or terrace, with the first homes being complete in late 2020, while the rest will be finished in early 2021. The apartments offer oak plank effect flooring (pictured) throughout and built-in wardrobes to the bedrooms

There will also be fully integrated designer kitchens with stone worktops, while the bathrooms (pictured) will have marbled porcelain wall tiling

Papermill House is officially launching today, with viewing of the marketing suite and show apartments (above) by appointment only

There will also be fully integrated designer kitchens with stone worktops in the apartments (pictured right), while the bathrooms (pictured left) will have marbled porcelain wall tiling

The development (pictured) is well-connected for accessing central London, with Romford station just 13 minutes walking distance; with the forthcoming Crossrail service, the commute into London will be within 30 minutes. For road connections, the M25 can be reached in less than 15 minutes

The development (pictured) is well-connected for accessing central London, with Romford station just 13 minutes walking distance; with the forthcoming Crossrail service, the commute into London will be within 30 minutes. For road connections, the M25 can be reached in less than 15 minutes

David Galman, Sales Director at Galliard Homes said: ‘Papermill House is the most exciting launch of the year for first-time buyers; requiring a Help to Buy assisted mortgage of just £146,250, these are the best value homes in London. 

‘This is the opportunity for those who never thought they could own a home to buy at a stylish, affordable scheme. 

‘Galliard has not launched a scheme of this value for first-time buyers for five years, this is an exceptional opportunity and we anticipate huge demand from Londoners to secure their first home.’

Source


Spread the love
  •  
  •  
  • 1
  •  
  •  
  •   
  •  
  •  
    1
    Share

Related posts