New first-time buyer homes completed

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Aberdeenshire housebuilder, Castle Homes, has completed the build of five premium houses in Fraserburgh as it looks to help first-time buyers get on the property ladder.

The £500,000 development has been funded by a £336,000 development facility from Bank of Scotland, together with the developer’s own capital.

The Castle Street Court development has been built on a brownfield site, previously a local brewery and public house.

The public house, considered to be the first in Scotland, has already been renovated and forms an additional property on the site.

The five three-bed townhouses cost in the range of £140k, with buyers looking to take advantage of the Scottish Government’s Low-cost Initiative for First Time Buyers (LIFT) which helps households access home ownership by providing a percentage of the equity.

Castle Homes was established over 12 years ago in the North-east. Over the years the business has been involved in a wide range of building projects, both domestic and commercial, with Castle Street Court being the first new development it has undertaken.

Alan Cruickshank, principle director at Castle Homes commented, “There’s a strong demand for quality homes and we’ve been careful to invest in sites with great potential. So far these new properties have been popular with buyers, with three of the five having sold already. The funding from Bank of Scotland has allowed us to complete this development and will help fund future projects as the opportunities arise. We are excited to see what 2018 holds for the growth of the housing market in the North-east.

Mark Simpson, relationship manager, SME Banking, for Bank of Scotland said: “Bank of Scotland is proud to support Castle Homes in their drive to build quality and affordable properties to plug the first-time buyer housing gap and help Scotland prosper.”