A shared equity scheme is proving extremely popular in Rugby as buyers search for affordable homes there.

Miller Homes reports that its sales advisers have been "rushed off their feet" as househunters investigate the possibilities of buying through a shared equity initiative.

The St Peter's development in the town is offering a range of properties under HomeBuy Direct, meaning buyers only have to find 70 per cent of the purchase price to own 100 per cent of the property.

Linda Androlia, regional sales director for Miller Homes, commented: "The scheme is helping to kick start the housing market and shows that buyer confidence is definitely returning."

She added: "Of course, the success at St Peter's is down to more than just a great offer - it's a fantastic development too."

An additional £80 million was given to HomeBuy Direct in this year's Budget as part of the government's plan to create more affordable properties.
Source:12/08/09

Househunters looking for an affordable home in the West Midlands have been advised that they need to act fast if they want to take advantage of a government shared equity scheme offered by Barratt.

The developer has a selection of two-bedroom apartments for sale at Merryfields in Brierly Hill, but with one of the properties already sold buyers should move quickly to secure their affordable home.

All of the Bromwich-style apartments are priced at £99,950 and under HomeBuy Direct, a shared equity scheme which provides a loan of 30 per cent towards the purchasing price, househunters could move in for as little as £69,965.

"It is very rare to find a home for less than £100,000 these days, let alone one for less than £70,000 so this really is an opportunity not to be missed," commented Graydon Worthing, sales director for Barratt West Midlands.

A housebuilder in the West Midlands is offering a modern interpretation of the three-storey home at affordable property prices.

The Tolkien is a three-bedroom townhouse design at Miller Homes' Willows development in Stone, which has been advertised as the perfect living space for a new family or young couple planning to expand.

Furthermore, all of the properties are made even more affordable through the use of the HomeBuy Direct shared equity scheme, which allows buyers to own 100 per cent of their property while paying just 70 per cent of its value at the outset.

"As the scheme is government backed, househunters can have complete peace of mind in knowing that their investment is secure," added Linda Androlia, regional sales director at Miller Homes.

Last month Miller Homes celebrated success at the National House Building Council Pride in the Job awards, with 19 of the developer's site managers receiving the accolades.
Source:05/08/09

A shared equity scheme has helped one first-time buyer in the East Midlands achieve her dream of owning an affordable home.

Trina Davies, 25, had been living in rented accommodation and needed support in order to take her first step onto the housing ladder.

"As a single first time buyer I didn't have a deposit so researched the best deals developers were offering and looked around a number of new homes developments," she commented.

David Wilson's shared equity schemes proved to have the answer, however – the firm offers deals to buyers that allow them to receive an equity loan of up to 25 per cent towards the cost of purchasing, while still owning 100 per cent of the property.

Trina was able to purchase at the development in Danbury Place, Leicester, and her monthly repayments are just £406 – less than she was paying to rent a property.

David Wilson's construction team recently celebrated winning five Pride in the Job Awards from the National House Building Council.

First-time buyers should feel comfortable negotiating when considering a shared equity scheme, according to one advice service.

Katy John, spokesperson for affordable homes group Pricedout.org.uk, said many developers have built an excess of one-bedroom flats which they are struggling to sell, giving buyers leverage when naming their price.

"If the developer or seller is offering a year's free council tax or similar, it's because they are very keen to sell their properties, so first-time buyers can afford to make cheeky offers on the flats available," she advised.

Some of the shared equity schemes have a number of extras thrown in, added Ms John, meaning buyers should take advantage to get the best deal possible.

Housing association Moat is running a series of free sessions to give first-time buyers in the south-east of England tips on the options available to them when taking their first step on to the property ladder.

Source:Direct News 30/07/09

Househunters on the lookout for an affordable home in the West Midlands may find an exciting opportunity after the launch of a shared equity scheme in Wednesbury.

Barratt is offering a selection of 12 two-bedroom apartments at its Monarch's Gate development in the town, which are available under to buy under HomeBuy Direct.

The shared equity scheme allows potential buyers to pay just 70 per cent of the purchasing price at the outset, meaning the apartments are available for as little as £70,665.

Graydon Worthing, sales director for Barratt West Midlands, said the properties are targeting specifically at first-time buyers.

"These particular plots are available to buy off-plan, thus allowing purchasers the chance to customise the apartment and really make it their own without any of the hard work," he commented.

HomeBuy Direct is available to buyers with a household income of up to £60,000, who could not otherwise afford to buy a property on the open market.

A key worker living in Liverpool has found that a government-backed shared equity scheme was just what he needed to find an affordable home for himself and his partner.

John Brannan was renting a property in Woolton Village and, with the current difficulties in the mortgage market, thought home ownership was a distant dream.

However, he then discovered Miller Homes' Bridgewater Park development in Netherley, where three-bedroom homes are currently being offered under the HomeBuy Direct shared equity scheme.

The scheme allows key workers, like healthcare professional John, to purchase a participating property for just 70 per cent of the asking price, with the remainder funded by an equity loan.

"The house is brilliant and really well designed. The third bedroom is already my office and the master bedroom now has some nice large wardrobes to take all our clothes with space to spare," commented John.

A shared equity scheme has helped one West Midlands woman to move out of her parents' house and into an affordable home of her own.

Sarah Meredith, 29, had been saving to put together a deposit in the hope of one day owning her own property, but the economic climate seemed determined to put a damper on her plans.

Finally, Sarah discovered the apartments at Miller Homes' B91 development in Solihull, which are available under the recently-launched government shared equity scheme HomeBuy Direct.

"The need to pull together a large deposit disappeared and I was able to move into my own home much sooner than I thought possible," she commented.

Sarah is just one of a number of people who have been helped by the scheme, which makes properties affordable by providing a 30 per cent equity loan towards the purchasing price which is interest-free for the first five years.

A shared equity initiative has helped a Lancashire couple to move into an affordable home in Darwen.

Dylan Avery and his partner Nicola are now the proud owners of a new house on Miller Homes' Woodland Park development in the town, thanks to HomeBuy Direct.

Mr Avery said the couple were struggling to find an affordable home as they were having difficulty finding a large enough deposit, until they heard about the shared equity scheme.

"Nicola saw an advert in the local paper offering the chance to buy a new home through the Homebuy Direct scheme. So we just had to find out more," he commented.

The scheme works by giving eligible buyers the opportunity to purchase 100 per cent of their home by paying 70 per cent of the value now, with the developer and the government equally funding the remaining 30 per cent.

Dedicated HomeBuy Agents have also been appointed by the government to help the shared equity initiative get off the ground.

Source: Direct News 23/07/09

Hundreds of people searching for affordable homes across the country have been able to move into a brand new property thanks to Persimmon's government-supported shared equity scheme.

Since HomeBuy Direct was introduced, 272 properties have already been reserved throughout the UK, resulting in 60 exchanges and 54 completed sales so far.

Persimmon reports that the scheme has been particularly popular in the south west of the country, along the M5 corridor from Birmingham to Plymouth.

David Bryant, group development director at Persimmon, said buyers can now take advantage of a shared equity initiative that has the full support and backing of the government.

"With schemes as good as this coming onto the market, I firmly
believe that this is undoubtedly the best time to buy property," he commented.

April's Budget announcement contained an £80 million investment in HomeBuy Direct, helping even more first-time buyers to find an affordable home.

Source: Direct News 21/07/09