Crest Nicholson Admiralty Quarter FTBI

cj05147

Hi guys,
New to this site and in need of some advice on a property purchase.

I'm currently in the process of buying a one bed apartment at Admiralty Quarter in Portsmouth. I'm purchasing it through the governments First Time Buyers' Initiative. I'm getting a mortgage for 50% and the other 50% through the scheme. The apartment in valued at £145000. Its a one-bed first floor flat with no parking.

I've recently seen on a property website that a flat the same as the one I'm purchasing but with an allocated secure parking space is on the open market for £130000. My problem is that I can't afford to buy a flat outright so a scheme like this is currently my only option.

Just looking for a bit of advice really. Do people think I should go ahead with the purchase or wait a save? Has anybody purchased from Admiralty Quarter of through the FTBI scheme? Have already put down a deposit of £500 but am now starting to think I've rushed into it.

poppysarah

Wait and save.

You can only afford to buy half a home. That's because they're too expensive.

beccastokes1

Hi,

dont know anything about buying your first house but I live on Queen Street and know that you will not find a parking space anywhere in that area. The whole of Portsea is a Council permit only area and spaces are limited. alot of people who have moved into the admiralty quarter dont have parking and are filling up all the available space on the only street you can park on which is cross street. There are about 600 flats in that development and aprox. 25 street car spaces in the vicinity.

Alot of the flats in that development are not selling and many are empty. I beileve that the price of those flats will eventually fall and reselling will be very difficult. The surrounding town (Portsea) is mostly council and housing association. (Me being a council tenant). I would not buy a flat there knowing that I had worked so hard to save and buy a flat and in the same development are people that are housing association. If I was you I would save. There is always a catch with those schemes and they dont cure your money problems.

Good luck with what ever you decide.

jamesperrett

I'm really not sure that any 1 bedroom flat in Portsmouth is worth £145000. There are plenty of flats that you could afford to buy outright if you looked at a different area of Portsmouth.

Cheers

James.

gggareth

I'm not sure the whole of Skate ville is worth 145k