Award-winning homebuilder Crest Nicholson is preparing to bring affordable housing to Suffolk with the launch of a government-backed shared ownership scheme.

This Saturday (May 9th) will see the firm launch HomeBuy Direct at its Larks Reach phase of the King Warren development.

HomeBuy Direct is an initiative launched by the government which allows buyers to own 100 per cent of their own home while paying just 70 per cent of the asking price, with the remainder funded by an equity loan.

Under the scheme first-time buyers will be able to purchase one of Crest Nicholson's £175,000 three-bedroom homes on the development for just £122,500.

"By visiting Larks Reach at Kings Warren this Saturday, new homebuyers will be able to find out how HomeBuy Direct will be able to help them purchase a stylish new apartment at a price that they can afford," commented Annette Cole, sales and marketing director at Crest Nicholson.

The developer is also holding an event in Surrey this weekend where househunters can find out more about affordable housing in the area.

Source: 8/5/09