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A new shared ownership scheme in Lancashire is proving popular with people wanting to get on the property ladder.

Plumlife officially launched Petre Wood in the village of Langho, near the Ribble Valley near Blackburn last month, with the newly-appointed mayor joining in the celebrations.

Through the Plumlife shared ownership scheme, first-time buyers, young families and older couples can move in to the affordable properties at the development.

The initiative provides a government-backed affordable homes scheme allowing buyers to purchase 50 per cent of the property.

Prices start from £40,250 for 50 per cent and owners can have the opportunity to buy more of the property as time goes on.

Plumlife deputy chief executive Matthew Harrison points out that out of 21 houses for sale only one is yet to be sold and eight of the 12 apartments have been reserved.

A new shared ownership initiative is coming to the north-east, providing much-needed jobs and homes in the area.

Newcastle-based Isos Group has got the go-ahead for £25 million of bank funding to build up to 500 homes this year.

The development will provide jobs in the construction sector as well as bring about more shared ownership and rented accommodation in the area.

Keith Loraine, chief executive of Isos Group, said it is more important than ever that new homes continue to be built as construction firms suffering in the recession cut back on projects.

Kevan Carrick, a partner in JK Property Consulting and policy spokesman for the Royal Institution of Chartered Surveyors in the north-east, told nebusiness.co.uk: "Social housing companies were still building homes last year at a time when the private companies were withdrawing from the market.

"They find it easier to get the cash as they have good asset bases and have a steady supply of income from their rents."

First-time buyers hoping to get on the property ladder are being urged to consider shared ownership as a means of purchasing their first property.

Up to two-thirds of those taking their first step into the homeownership market are doing so through shared ownership schemes, comment David Wilson and Grange Mortgage Services.

The shared equity deals mean buyers do not have to overstretch their budget, they add.

"The percentage paid by the housebuilder can act as a deposit so these interest-free deferred loans provide a win/win solution to getting on the property ladder," they comment.

Potential buyers should also be saving as much as possible, keeping all their bank accounts in order and budgeting sensibly, the companies continue.

Under the HomeBuy Direct scheme through David Wilson, buyers with a 70 per cent mortgage pay no interest on the 30 per cent loan for five years, if the property is sold within that time.

Source: Direct News 15/6/09

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.

More lending is needed to convert the public's interest in shared ownership schemes into sales, according to one housing group.

While there has been a high demand for affordable homes, such as those bought under HomeBuy Direct, the National Housing Federation (NHF) says banks have been reluctant to offer mortgages for "higher risk" properties.

Sentinel Housing Association reported at the end of last month that enquiries about shared ownership homes had nearly doubled in the first quarter of 2009.

However, figures from the British Bankers' Association show that just 26,097 mortgages were approved in March – even fewer than in the previous month.

A spokesperson for the NHF said the group has been lobbying banks such as Northern Rock to take the lead and treat shared ownership customers like any other borrower.

A shared ownership scheme has made homes more affordable for many people who were previously priced out of the market in Kent.

Homeowners can now benefit from an interest-free equity loan of up to 30 per cent to go towards the purchase of a new home, as part of the government's HomeBuy Direct scheme in conjunction with Redrow Homes.

Properties at Redrow's The Paddocks development in Ashford have been included under the scheme, meaning an initial outlay of just £130,900 could buy 100 per cent of a three-bedroom countryside house.

Redrow's sales director Mary Timlin says the initiative is "the smartest way" to buy a home in the current climate.

"This is an excellent opportunity for people to get the new home they've always wanted at The Paddocks at a price they can afford," she added.

Recently the government pledged £600 million to increase Britain's housing supply, including an extension to HomeBuy Direct and additional funding for social housing.

Three different shared equity schemes are being offered to new buyers by one housebuilder in the north Midlands.

Barratt is now offering would-be homeowners a variety of equity share options to suit their financial needs, making the properties at its Friars Park, Celtic Village, Park Mews and Riverside Walk developments more affordable.

Dream Start allows buyers to pay 75 per cent of the asking price, while Head Start gives the option of buying an 85 per cent share of the home, with the remainder funded through a deferred loan from Barratt.

In addition, the government's HomeBuy Direct scheme gives purchasers the ability to pay just 70 per cent of the asking price at the outset.

"Many buyers also find that they no longer require a deposit with the shared equity offers, because part of the Barratt loan may be taken as an alternative by mortgage lenders," said Barratt sales director James Poynor.

People struggling to afford their first home in the south Midlands are being given the chance to view properties included in the government's HomeBuy Direct scheme.

Homebuilder Charles Church is displaying a collection of homes which are available to buy at 70 per cent of their market value, with the remaining 30 per cent paid for through an equity loan.

The homes include a range of three and four-bedroom properties at Bridgnorth's Wenlock Grange and Barnwood Drive near Gloucester.

Sales director at Charles Church Alison Reading said the company is taking action to help get the market moving again.

"First-time buyers are pivotal in sustaining the property market which is why we are doing all we can to help them become fully fledged property owners," she commented.

Up to 18,000 buyers are set to be assisted by the government's £400 million scheme, which has been launched to help the housing market and construction sector through the recession.

A Merseyside couple have recently made their dream of home ownership a reality under Miller Homes' MiWay scheme.

The initiative offers buyers the chance to own a property in its entirety but pay just 75 per cent of the asking price to begin with.

John and Kelly Manley were able to move from the flat they were renting into the house they wanted in Netherley's Bridgewater Park development.

"The size of the property, along with the build quality were what really appealed to us. We really like the whole layout of the house and it has lots of storage space," Mr Manley commented.

A similar initiative has now been launched by Miller Homes under the government's HomeBuy Direct scheme, making a number of family homes in the area available to first-time buyers.

Housing minister Margaret Beckett last month met one of the first people in the country to benefit from the initiative, a 25-year-old policewoman who was able to purchase a Cheltenham flat for just £99,000.