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   LPC Living sees confidence from a new breed of first time buyer in Ordsall
Salford based developer and regeneration specialist, LPC Living, has reported increased confidence and interest from buyers at its Hulton Square development in Ordsall, with 25% (14 units) of phase two having been sold off plan this year to owner occupiers. With construction restarting on site to build phase two (54 units) of the 260 unit scheme, the developer says it is more confident with market conditions for the year ahead and is in a far better position than this time last year. The company is one of the few that has weathered the economic storm; it has remained realistic on property prices and has continued to generate interest due to its price led offer, location and sensitive approach to guiding first timers through the buying process. Simon Ashdown, development director commented: “The first time buyers that are coming through the door are very different to that of 18 months ago and this is having a positive impact on our sales figures. They understand the financial commitment, have made genuine efforts to save deposits and are savvier when it comes to the buying process. Instead of looking for a short term living solution which has been a typical trend of the past five years, they are stretching budgets to buy houses – essentially jumping up the ladder on their first purchase.” LPC is one of the few north west developers bucking the trend in these current economic conditions, but hopes that these green shoots are a promising sign for the region’s property market as a whole. Phase one of Hulton Square, 72 units, was complete and fully occupied by December 2009, with 95% sold to owner occupiers. The properties sold on phase two equate to more than £2m of sales with an average sale price of £144,500. Simon said: “Sales momentum is definitely building again and I think there are some strong contributing factors to this, combined with our price led offer. We are one of the only developers in the region to continue to offer the First Time Buyer Initiative (FTBI), which is based on buyers only having to purchase a 50% equity share and only needing a 5% deposit. In addition as we are in a regeneration area; most of our homes are under the £150,000 exemption threshold making Hulton Square a genuinely affordable proposition.” He added: “Although the recession has officially ended, there are still difficult times ahead and we would urge the banks to ease their stranglehold on first time buyers as these are most in need of support but more often than not are heavily penalized.” First completions of the homes are due in winter 2010 and a new retail centre anchored by a Morrison’s supermarket is expected to start on site this summer. Prices start at £44,975 on the FTBI for a one bedroom apartment and £74,975 for a three bedroom townhouse.
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