Livv Homes, part of Livv Housing Group, recently welcomed its first customers into their new homes at The Watchfactory phase two in Prescot, Merseyside. Located near the original Grade II listed Watchfactory building, the eagerly anticipated development offers aspiring homeowners the opportunity to take their first step on the property ladder.
The Watchfactory phase two comprises 191 stunning two, three and four bedroom new build homes. This includes 40 houses for Shared Ownership, six houses that can be purchased via Rent to Buy, eight Inspired Living* bungalows and 20 Inspired Living apartments for Shared Ownership. There will also be apartments and houses available for affordable rent.
Livv’s exciting new development makes home ownership more accessible for everyone.
Shared Ownership is a cost-effective way to take the first step, by part-owning and part-renting. An initial share between 10% and 75% of the property’s value must be purchased and residents can buy more shares in their home when they can afford to. A smaller deposit and mortgage are required for the purchase of the home.
For those who are struggling to save up for a deposit, the Government’s Rent to Buy initiative allows residents to pay discounted rent, equivalent to 80% of the market rate, enabling them to save more effectively towards a deposit for a mortgage.
After the initial five-year rental period, if a deposit can be saved, customers will have the option to purchase the property outright, or, a percentage of their home through Shared Ownership.
Leigh Morrisey, Head of Sales & Home Ownership at Livv Housing Group, said: “We know that buying a property on the open market is out of reach for so many people, that’s why it’s important we’re offering initiatives like Shared Ownership and Rent to Buy. It gives people an amazing opportunity to buy their own home, who wouldn’t otherwise be able to afford to.
“We believe that everybody should have the chance to own their dream home and we’re here to help them achieve that with our stunning new build homes. The Watchfactory phase two has been in the works for the past few years and we’re thrilled to be able to welcome our first customers. It’s an exciting time for everybody involved.”
All homes at The Watchfactory phase two are built to a high specification, including kitchens with soft close hinges and drawers, USB charging points in all bedrooms and a trickle charge car point.
One of the first customers to move into their new home on the development was Mark and Vicky.
Mark said: “We’ve been together for 27 years and this is the first home that we’ve bought together. It’s beautiful, affordable and in the perfect location. Without the option for Shared Ownership, we’d never have been able to achieve this. The team have been brilliant all the way through and we’re absolutely made up.
Carolyn, who recently moved into one of the Inspired Living bungalows said: “We lived in Stockbridge Village before and we loved it there, so it was hard for us to leave. But when we saw the gorgeous homes come up at The Watchfactory phase two, we knew we had to get one. My husband was born just over the road so it’s a full circle. We’re only a short distance to the shops, which is ideal for my daughter in a wheelchair. I’m most looking forward to relaxing in our new home, I’m just so excited. “
Construction works are still ongoing, and the development is due to be completed in 2023.
*Inspired Living is the Government’s Older People’s Shared Ownership (OPSO) and available for people aged 55+.
Header image: Livv welcomes first customers to The Watchfactory phase two.
