11/17/2008
BoKlok Residents Settle into their New Homes
PEOPLE living in the UK’s first BoKlok development are now experiencing life in their innovative new homes.
They include 36-year-old Will Mapplebeck, a former Journalist-turned local authority Press Officer, who took advantage of developer Live Smart @ Home’s shared ownership scheme to buy a 50% share in a one-bedroom apartment.
They include 36-year-old Will Mapplebeck, a former Journalist-turned local authority Press Officer, who took advantage of developer Live Smart @ Home’s shared ownership scheme to buy a 50% share in a one-bedroom apartment.
He said: “They are well built and there is a lot of space for a one-bedroom flat. The biggest thing for me though is that they are affordable “I moved here because I wanted some security because of the credit crunch and people can’t get mortgages. I love the flat. It is warm and cosy. I didn’t buy it for as an investment, I bought it for a home.”
The BoKlok apartments at the St James Village development in Gateshead were predominantly aimed at first time buyers on incomes of between £15,000 and £35,000 per year. The impact of the credit crunch and the global banking crisis has made it difficult for many young people/professionals to obtain a mortgage, and this has affected sales of the BoKlok homes. So far, five flats have been sold and four are being rented. There are 36 flats in the first phase of the development. However, once the situation eases, it is expected that the demand for these houses will be as big as it was when the scheme was launched at Gateshead’s IKEA store in September 2007. Peter Stott, Executive Director of Strategy of Live Smart @ Home parent organisation, Home, said: “People are impressed by the quality of the homes and in this current market the problem is not with the houses but the fact our target market can just not obtain the mortgages they need. “People have to see homes as a long term investment and with a shortage of good quality affordable accommodation in the area, these flats represent real value for money.”