The average price of a new home rose for the fourth consecutive month in August – up 0.9% to £219,629.

This positive news is supported by recent public statements from developers Taylor Wimpey, Redrow and Bovis Homes.

Gareth Robinson, CEO from SmartShare says ‘It is pleasing to see that the new homes sector continues to make steady progress. It is absolutely critical that new homes are continued to be built not only to meet the shared equity demand but to support the economy and creating new jobs. ”

August 2010
Average new home price: £219,629
Monthly % change: +0.9%
Three monthly % change: -0.4%
Annual % change: +1.2%

Shared equity allows a borrower to buy a new house in partnership with a developer with incentive terms attached e.g. a reduced interest rate or payment holiday for a defined period. Ultimately you will have to purchase 100% of the property which is generally funded through a mortgage.

Shared ownership is also known as part buy, part rent because shared owners buy a share in their home and pay a reduced rent on the rest. Gradually you may want to buy further shares and eventually own your home outright.

SmartShare is the first national property website that is dedicated to affordable homes including shared ownership and shared equity properties. There are thousands of properties available throughout the UK from all the leading Housing Associations and developers, click here to go to the website www.smartshare.co.uk

For more answers to your affordable housing questions go to: http://www.smartshare.co.uk/frequently-asked-questions-about-affordable-...

Families on the lookout for an affordable home in Northamptonshire may find that a shared equity scheme means they can purchase a three-bedroom home for less than they think.

David Wilson Homes is offering the HomeBuy Direct initiative on properties in its Arena Gate development in Dunston, under which purchasers can buy a three-bedroom Edgar house for just £135,096.

Jackie Day, sales advisor at David Wilson, said families who are currently renting a home may find that buying actually works out cheaper.

"HomeBuy Direct was introduced as a way of combating affordability issues and it is proving a welcome lifeline to purchasers concerned about living beyond their means during the current economic climate," she commented.

Under the shared equity scheme, buyers receive an equity loan of 30 per cent to help them buy, on which no interest is payable for the first five years.

A family from Rugby have discovered first-hand the benefits of a shared equity scheme currently being offere4d to those seeking an affordable home.

Jose Cachopo and his family fell in love with Miller Homes' St Peters development and were even happier when they discovered that, through the HomeBuy Direct shared equity scheme, they could purchase for just 70 per cent of the property's value.

"The fact that Homebuy Direct is government backed really gave us confidence about venturing onto the property ladder," he commented.

"It was great that there's no interest to pay straight away as it's meant we've had the extra money to furnish our new home."

With many mortgage lenders now asking for a 20 per cent deposit on a property, the scheme means even families with a amount of money put aside could find that home ownership is more affordable than they thought.

The initiative is open to first-time buyers and key workers such as teachers, nurses and police officers.

First-time buyers on the lookout for an affordable home in the Basingstoke area have been advised to investigate a shared equity scheme on offer at the Limes Park development.

Bryant Homes' new Farleigh two-bedroom apartments at the scheme are already attracting reservations from buyers, downsizers and investors.

All 37 of the apartments lie within a three-storey modern Mediterranean-style building set within communal gardens with allocated parking, while some homes feature private terraces and balconies.

The developer is offering a range of incentives to encourage first-time buyers to take the plunge, including the HomeBuy Direct shared equity scheme, while customers are also being offered the opportunity to choose their own fixtures and fittings on unfurnished plots.

However, as many options are built in as the property is constructed, potential buyers are being urged to reserve early to make sure they get their dream affordable home.

A shared equity scheme offered by developer Persimmon has helped hundreds of househunters across the country find an affordable home of their own.

Weeks after the initiative was introduced, an impressive 272 properties had been reserved all around the UK and in the south Midlands region alone the developer has received 75 reservations in connection with the scheme.

For this reason, Persimmon is hosting a second event in Gloucester on September 5th dedicated to helping people looking for an affordable home to discover more about the shared equity initiative.

"Househunters who visit our Gloucester developments, Kingsway, The Marketplace and The Maples, have not only been impressed with the homes on offer, but also the fact that we’re able to support them with moving onto the property ladder," commented Persimmon's Alison Reading.

Representatives from the local authority in Westhoughton have been learning more about a shared equity scheme designed to make housing affordable for first-time buyers.

Councillors Christine Wild and David Wilkinson were invited to investigate Miller Homes' Orchard Green development in the town to see the options available to buyers in their area.

The HomeBuy Direct shared equity scheme is offered to households with an income of less than £60,000 and allows purchasers to pay just 70 per cent of the asking price at the outset – with the remainder covered by an equity loan.

Councillor Christine Wild described the scheme as a "positive move", while her colleague David Wilkinson added: "Homebuy Direct will help people onto the property ladder in the current market and this is a good development in a great location."

A shared equity initiative has helped one first-time buyer in Suffolk to secure an affordable home of her own, according to developer Crest Nicholson.

Lynsey Wilson, 24, had been renting in the county for eight years as she worked as an outdoor education lecturer at Otley College.

The pressures of paying rent meant she was doubtful about ever saving up a deposit to purchase her first home.

However, after learning about the shared equity scheme HomeBuy Direct offered at Blakenham Park, Lynsey discovered that a two-bedroom coach house was within her reach after all.

"When I learned of the HomeBuy Direct scheme available from Crest Nicholson it was like a dream come true, I could finally afford my perfect property and it's in a fantastic location both for work and socialising," she commented.

Crest Nicholson is offering HomeBuy Direct on properties around the country, including the Cedars Park development in Stowmarket.
Source: 12/08/09

Househunters on the lookout for affordable homes in the north east have been given a helping hand from developer Barratt, which has just had extra developments approved for the HomeBuy Direct shared equity scheme.

Affordable homes at Newbiggen-by-the-Sea, Hebburn, Blackhall Rocks, Consett, Kirk Merrington, Sacriston, Wingate, Middlesbrough, Stockton and Thornaby are now available under HomeBuy Direct.

The scheme means buyers could move into a new two-bedroom home with a mortgage of just £73,850, as 30 per cent of the purchase price is taken care of through an equity loan which is interest-free for the first five years.

Steve Mariner, sales manager at Barratt North East, said the firm has had a "tremendous response" from buyers looking to purchase their homes through a shared equity scheme.

"This shows the enormous demand for new homes here," he commented.

"People who have been priced out of the market for years can see this is an outstanding opportunity to buy."

One couple in Bristol are celebrating after a government-backed shared equity scheme helped them to find an affordable home.

Kimberley Niemand and her husband Philip had recently relocated from Wales and were finding the search for an affordable property difficult, until they learned about HomeBuy Direct.

The couple, who have a young daughter and another baby on the way, were able to move into a three-bedroom house at Barratt's Fieldways development in the town for just 75 per cent of the asking price.

"It's an excellent incentive as eligible buyers receive an equity loan of up to 30 per cent, jointly funded by Barratt and the government's Homes and Communities Agency and this makes new homes much more affordable," commented Mrs Niemand.

Plans were recently unveiled by the government to make more affordable homes available in rural areas by placing shared ownership properties in more than 13,000 rural settlements across the UK under a protection scheme.
Source:17/08/09