The second hand market down at Salford Quays has taken a twist with developer Prospect Homes now selling units at its Broadway development that had previously been rented out.
And they are undercutting comparable properties by at least £20,000.
Broadway launched just as the market turned and while the bulk of the first phase sold it made commercial sense for the company to hang on to two of the blocks and rent the units instead.
But four years on Prospect believes the market has bottomed out, mortgages are getting slightly easier and there is demand to buy.
So as the units come off rental they are given a maintenance once-over, repainted and refreshed and offered up for sale. Two beds are available at £99,950 which includes secure parking.
I suppose it’s a bit like buying a nearly new second hand car from a dealer, rather than through the small ads.
Becky Leighton, sales and marketing director at Prospect Homes said: “While we cannot describe them as ‘new’ they will be in pristine condition and we have reduced prices significantly.
“I think they offer incredible value for money given the level of specification and the space both inside and out.
“The price makes them an affordable option and we have already had quite a few people who were renting here, either buying the place they were in or choosing another apartment in the development.”
Great for them, not so good for private sellers at Broadway with other two beds in sister blocks on the market at up to £139,000.
“The Quays has changed enormously since Broadway launched. Independent restaurants are now opening alongside really good facilities such as Booths supermarket and there is a real buzz about the place,” says Becky who used to live there.
“I think the pricing we are offering will excite a great many prospective homebuyers who thought that this lifestyle and this location were beyond their budget.”
But if it’s still too pricey and saving up a deposit is still an impossible dream, you can get some Government help to buy at Prospect’s Maine Place development in Moss Side. They have just been approved for New Buy which means buyers have to find 5% deposit with lenders in place to offer 95% mortgages.
They only have a handful of apartments left, four to be precise, with prices starting at £79,950, but New Buy is also available for people looking to trade up so if you need more space there are three bed mews houses at £137,000.
And Prospect is keen to finish off the redevelopment at the former home of Manchester City FC with a wider mix of accommodation. While a second apartment block has been scrapped they do want to build two bedroom houses and if planners agree work should begin in April.
The Broadway sales centre is open from Thursday to Monday, between 10am and 5pm. Call 0161 877 2919 for info.
The Maine Place show home and show apartment are open from Thursday to Monday, between 10am and 5pm. Call 0161 232 7563 for info.
More information and images, including floor plans for Broadway and a full brochure download for the Maine Place, can be found at prospectgb.com
