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The Room adds up for first-time buyer Noel
The single 26-year-old auto-electrician is looking forward to moving into a one bedroom apartment at the stylish city centre development later this month (September).
And in 18 months time he aims to buy his home, putting the rent he has paid over that time towards his deposit.
Noel, from Preston, is currently renting in Winckley Square. He is impressed with the “rent to buy” deal and believes it is a major help to young people struggling to get on the property ladder in today’s toughening economic times.
He said: “I think it is tremendous, a real help to people like myself looking to move out of the rental sector and become home-owners.
“The days of the 100 per cent mortgage seem to have gone and it is not easy to get the cash together to be in a position to buy.
“What this deal does is buy time. It also means that my rent is not dead money - I’m paying it with a real purpose.
“When I take up the option to buy at The Room I will get it all back and it will become part of my deposit.
“That saving aspect is extremely important when you are trying to become a first-time home-owner and Downtown Living should be applauded for recognising that and doing something about it.
“I’ve looked around at all the options available locally and this seemed to be the most attractive by far.
“This is exactly the sort of initiative the Government should look at.”
The Room Apartments is the first residential project by Downtown Living, set up by a group of Lancashire business people who saw the potential for city living in Preston.
Stuart Whittle, director of Preston-based Downtown Living, believes the rent-to-buy scheme heralds a new realism in the market and the need to help first time buyers.
He said: “We want The Room to be even more successful and we believe this offer will create a lot of interest from local people trying to get their first affordable foot on the property ladder.
“Noel was very quick to see our Rent To Buy scheme is a win-win situation, which gives both him and us a good deal. It shows we are offering the right product to suit the property market.”
Noel enjoys being in the heart of Preston and believes The Room is ideally placed for people looking to experience city centre life.
He said: “It is in a great location and it is going to get even better when you look at the plans there are for the centre of the city. The apartments are also great looking and well-fitted out.
“I’m a proud Prestonian and I think the city is a great place to live in, The Room is within walking distance of all the amenities and the nightlife.
“I’m really looking forward to making the move there, and further down the line, to owning my own apartment.”
For more details of the rent to buy scheme and to arrange a viewing call contact selling agents Land and New Homes Countrywide on 01772 889933 or 0845 843 7666 or log on to www.theroomapartments.com.
Lancashire Evening Post - http://www.lep.co.uk/news/Rent-can-be-used-as.4502753.jp