Slough Urban Renewal’s Novus Apartments celebrates a sell-out success
Majority (84%) of homes go to first time buyers
Nearly a third (30%) of homes go to local purchasers*
48% homes sold using First Homes
25% homes sold using Help to Buy
Novus Apartments in Slough is celebrating a sell-out success, as its final purchasers prepare to move into their new homes here. The apartments, which have been delivered by Slough Urban Renewal (SUR), a joint venture partnership between Slough Borough Council and the national placemaker Muse, enjoy a central location, situated within easy walking distance of both the train station and Slough town centre.
The new collection of 64 studio suites, one and two-bedroom apartments form part of the major redevelopment of the former library site in the heart of Slough. Alongside Novus Apartments, SUR has delivered a Moxy Hotel and a Residence Inn, in addition to 4,000 sq. ft of restaurant / retail space. With the hotels both open and fully operational, the apartments occupied and Heavenly Desserts, which has taken one of the retail units, having recently opened its doors, the area has been transformed into a real hub of retail and residential.
Since the apartments were first launched for sale, the homes have enjoyed wide appeal - particularly among local, first time buyers, with both the Government’s Help to Buy and First Homes schemes available here.
Andy Howell, General Manager at Slough Urban Renewal (SUR) said: “With so many of our home buyers already enjoying life in their new apartments, it is fantastic to welcome our final purchasers into their new homes at Novus Apartments. It has always been our aim here to deliver homes for those people who live and work in the area and to assist those who are seeking their first home, to take that initial step onto the housing ladder. Schemes such as Help to Buy and the Government’s First Homes scheme have meant that we really have been able to make home ownership more accessible to more people. We are very proud of the fact that the majority of our purchasers (84%) were first time buyers, and that nearly a third (30%) were from the local area*.”
Purchasers at Novus Apartments were predominately owner occupiers (89%), opposed to investors. 73% of purchasers used a Government scheme to assist with their purchase (25% used Help to Buy and 48% used First Homes). 30% of purchasers at Novus Apartments came from the local area (had an SL postcode), while a further 34% came from West London.
Andy Howell, General Manager at Slough Urban Renewal (SUR) added: “With the town’s excellent transport connections and the arrival of the Elizabeth Line, it’s no surprise that a significant proportion of our buyers have also come from London – as they seek more affordable property prices and a better quality of life, outside the Capital. With all of the regeneration that has taken place in the town, combined with some great parks and outdoor spaces, there is a lot on offer in Slough.”
The First Homes scheme was launched to purchasers at Novus Apartments in March 2022. The scheme is designed to help local first-time buyers and key workers onto the property ladder, by offering new homes at a discount of up to 30% compared to the market price –making deposits and mortgages more affordable. The 30% discount applies to the home forever, meaning that generations of new buyers will continue to benefit every time the property is sold.
For more information about Novus Apartments click here.
*30% of buyers at Novus Apartments were local – they had an SL postcode