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SOUTH WEST MPs DISCUSS HOUSING AT WESTMINSTER

South West MPs and housing experts from across the region met for Tea at Westminster to raise the profile of affordable home ownership options such as shared ownership.

They were also there to ensure the region's politicians are aware of its role as part of the solution to the current housing crisis.

It was a well attended event, with both housing experts and MPs present.

Colin Molton, the South and South West Executive Director of the Homes and Communities Agency spoke about the difficulties first time buyers in particular face in securing a home of their own.

Over the last 10 years house prices have risen three times faster than incomes in the South West region and now stand at almost 12 times local incomes. With reduced mortgage availability and the need for huge deposits, more and more average and lower income earners are being priced out of the market.

The event was sponsored by South West Homes, the government appointed HomeBuy agent for the region, which provides a one-stop shop for aspiring home owners through a range of schemes.  

Stephen Gilbert, MP for St Austell and Newquay, hosted the event and spoke about  how shared ownership is a tried, tested and successful approach to delivering affordable housing. Through it South West housing associations are helping thousands of households turn their dreams of home ownership into a reality, and for many first time buyers it's the only way to get onto the housing ladder.

Government projections suggest the number of households in the South West will increase by 30% by 2033, and National Housing Federation research predicts home ownership levels in the region will slump to just 65.9% over the next decade - the lowest level since the early 1980s.

There are currently over 6,000 people in the South West actively seeking to buy an affordable shared ownership home, but the supply of shared ownership properties just can't keep up.

The event was been organised by the Federation's South West Home Ownership Group. The event takes the theme of 'supporting aspiration in an age of austerity'.

The following MPs attended the event:

Ben Bradshaw MP

Don Foster MP

Annette Brooke MP

Dan Rogerson MP

Jacob Rees-Mogg MP

James Gray MP

Sheryll Murray MP

Robert Buckland MP

Stephen Gilbert MP

Andrew George MP

Adrian Sanders MP

Tessa Munt MP

 

Researchers for Sarah Woollaston MP

Researchers for Nick Harvey MP

 

 A £250 million scheme to help first-time buyers onto the property ladder was announced in the budget 2011.

We are working hard on all the detail and we will update this page as more information becomes available.

The scheme will help first-time buyers who want to buy a new-build property but can't afford the high deposits some lenders demand.

Under the FirstBuy scheme, the government and housebuilders will jointly provide a 20 per cent loan to top up first-time buyers own deposit of 5 per cent. This will allow them to take out a mortage for 75 per cent of the property.

Loans will be free of charge for the first five years and repaid when the property is resold. The funds will then be recylced to fund more homes for the scheme.

The FirstBuy scheme should help 10,000 families to get onto the housing ladder for the first time, with the first homes expected to be available from September 2011.

We'll update this page when properties become available on this new scheme. We will also email all our registered applicants.  Why not apply now and we'll contact you when this scheme is fully launched.

 

 

Finally a key that fits the lock

 

Mike Lock, 26 & Kerry Turner, 27 were delighted with their new home built by Persimmon Homes and funded with the help of the HomeBuy Direct scheme.

Mike & Kerry and their new born child were both living with parents and were house hunting for over a year before they realised they qualified for Government help in the form of an equity loan to buy their first home.

Kerry, an assembly operator said “the old family home was getting too crowded; we really did need a place of our own”.  Mike, a self employed roofer added “when we found out we were expecting our first child we really started to panic” he continued “we wanted a place with our own locks!”

Kerry was delighted with the process, she said “applying for the scheme was easy, one application form and a visit by a financial advisor and then we were deciding what colour tiles to have, it went so quick”.

Mike added “without the scheme we would not have been able to buy at all” he continued “mortgage lenders were asking for 25% deposit, we simply did not have that amount of cash”.

Graham Phillips, HomeBuy Manager for South West Homes said “we have helped over 1700 families find their first home using this scheme and we are delighted at the difference it is made to Mike & Kerry”.

Applicants interested in buying a home using this scheme should visit www.southwesthomes.org.uk

 

 

 

GOVERNMENT SCHEME HELPS FIRST TIME BUYERS IN WESTON-SUPER-MARE

A young family has been able to buy a brand new home in their home town of Weston-super-mare, thanks to South West Homes.

 

The south west regional HomeBuy Agency was able to help Mr O’Driscoll and Miss Njini using the HomeBuy Direct scheme.

Barry O’Driscoll, a psychiatric nurse and his partner Nome Njini did not think they would be able to afford to buy a home when they started looking.

Barry said, “Home ownership has provided us with stability and enabled us to realise our dream. We are now in a position to plan for the future and have a family.

He added, “The process was easy and we were offered support throughout. In less than 10 weeks from the initial telephone call we were in our new home and our monthly payments are less than we were paying in rent. We would definitely recommend the scheme to others.”

Barry and Nome obtained a mortgage for 70% of the total value of the property, paid a 5% deposit, and the remaining 25% was provided by an equity loan through the HomeBuy Direct scheme.

 

PERSIMMON CELEBRATES 1000th HOMEBUY DIRECT RESERVATION

After 18 months of searching, Dylan Parry and his partner Julie Morris from Gloucester, had almost given up all hope of affording their own home until they heard about the support they could get from using the Government and became Persimmon’s 1,000th HomeBuy Direct purchaser in finding their perfect home at The Marketplace development off St. Oswald’s Road in Gloucester.

Dylan (27) a web developer and his partner Julie (28) a behavioural psychologist, had been in rented accommodation and were becoming increasing frustrated that they were not investing in their future and their own bricks and mortar.

Dylan explained: “We were conscious that renting was like throwing money down the drain and yet we just couldn’t seem to find the right buying scheme that could help us achieve our dream of owning our own home. Most schemes and mortgage lenders were asking for 15 per cent deposit allowing borrowing of 85 per cent which was just out of our range.

“Julie came across the HomeBuy Direct scheme, which is exclusive to new homes, whilst searching the internet and just couldn’t believe that the scheme meant that all we needed to find funding for was 70 per cent of the purchase price of a property with the remaining 30 per cent made up by an interest and repayment free loan for the first five years and, that properties were available at Persimmon’s The Marketplace development, in the location where we wanted to live, just a five minute walk from the centre of town.”

After picking the property they wanted and speaking to an independent financial adviser, Dylan and Julie were delighted to be able to reserve their three bedroom Dartford townhouse and are looking forward to moving in.

Dylan continued: “The house is perfect for us and as I work from home, the third bedroom makes an excellent study.  We just can’t wait until March when we move in and are thankful that the HomeBuy Direct scheme was available to enable us to own our own home.”

The Marketplace is located off St Oswald’s Road, just a short walk from the centre of Gloucester. When complete the development will feature a total of 450 properties, ranging from one and two bedroom apartments to two, three and four bedroom homes, available in a variety of styles, from townhouses to traditional family homes.

As well as excellent new housing, residents of The Marketplace can enjoy a whole host of superb local facilities from a large retail and leisure complex to an improved infrastructure network and the vicinity of city centre bars and restaurants. Prices start from as little as £135,995 for the two bedroom coach house design and three bedroom homes under the HomeBuy Direct scheme start from just £135,796.

Dominic Harman, Persimmon’s Group Communications Director, comments: “We are delighted that HomeBuy Direct is proving so successful and it demonstrates that this initiative is helping hundreds of young people like Dylan and Julie, to make that first move on to the property ladder.

“The scheme is a real positive step, helping to restore the growing confidence and stability in the property market by giving customers who may have limited funding a real opportunity to purchase their own a new home. Since it was launched in April, over 1,200 of our properties across the country have been reserved showing the real success of the scheme.”

For more information, visit persimmonhomes.com.
        

SCHEME LAUNCHED TO HELP FIRST TIME BUYERS'

Stroud District Council has launched a scheme to help first time buyers afford their first home. The scheme, called Stroud HomeBuy, provides eligible applicants with a 25% equity loan on properties valued up to £160,000.

The £350,000 scheme is funded by Stroud District Council and administered by South West Homes, the government HomeBuy agent for the South West.

Councillor Frances Roden, cabinet member for housing for Stroud District Council, said: “Stroud HomeBuy is for people looking for their first home in our district. Unlike, other HomeBuy schemes, which are restricted to properties on specific developments, this initiative applies to any available property in the district, so potential buyers could end up buying their first home where they’ve always wanted to live.”

Under Stroud HomeBuy, applicants can find a property through an estate agent or from a developer and apply for a 25% equity loan. They would need to raise 75% of the purchase price through savings or a mortgage.  Each loan is calculated according to individual circumstances but funding is limited. The loan must be repaid upon payment of the final instalment of the mortgage, or when the property is sold. To qualify for the scheme applicants must have an annual household income of under £60,000.

Graham Phillips, HomeBuy Manager said “In a recent report, the National Housing Federation highlighted that the average individual salary in the district was £22,485 against an average house price of £230,569. However, entry level properties, which tend to be more relevant to first time buyers, start at around £147,000. With many first time buyers having two income earners, Stroud HomeBuy provides a viable option for applicants who can secure a mortgage.”

Councillor Roden added: “Funds are limited, but we expect to help around 12 first time buyers into their first homes this year and we’re looking to continue the scheme next year. We’re also working on a range of other initiatives to provide more affordable rented and low cost purchase options across the district.”

 

CHELTENHAM GIRL IS FIRST IN SOUTH WEST TO BUY NEW HOME WITH FUNDS FROM FLAGSHIP GOVERNMENT SCHEME

A twenty-five year old from Cheltenham is one of the first people in the country to move into a brand new home for just 70 per cent of the purchase price under a major new Government initiative.

First Time Buyer Sally Taylor, took advantage of the HomeBuy Direct scheme to buy a two bedroom apartment at Barratt Bristols Equinox development in Cheltenham.

Without the help of the scheme, Sally would have needed a mortgage for £142,000. But HomeBuy Direct has enabled her to move in for just £99,000.

Sally only had to find 70 per cent of the purchase price herself. The other 30 per cent (£43,000) was funded by a joint equity loan from Barratt and the Governments Homes and Communities Agency (HCA).

Sally, a local keyworker, said: "I was living with my parents in Evesham and travelling to work in Tewksbury but was desperate to get a foot on the property ladder.

"However, hearing that Equinox was part of the new HomeBuy Direct scheme I knew if I got approved by the local housing association then when it was time to reserve at Equinox, I would have my dream home in no time and finally own my own home. HomeBuy Direct really has set me up for the future and Im absolutely thrilled," concluded Sally.

Barratt currently has more than 3,000 homes eligible for HomeBuy Direct nationwide. Developments in the Barratt Bristol area with HomeBuy properties include The Zone in Bristol, The Meadows in Siston, Equinox in Cheltenham, Coopers Edge in Hucclecote, The Piazza in Chippenham and Orchard Leaze in Stroud.

Barratt Bristol sales director Louise Ware said: "People who have been priced out of the housing market for years can see this is an outstanding opportunity to buy at new, lower 2009 priced home. The 30 per cent equity loan from ourselves and the government means that in many cases they dont even need to have a deposit."

Colin Molton, HCA regional director for the South West, said: "In the current climate its important that we help a range of people to find the best housing option to suit them, and simultaneously help stimulate the building of new homes. HomeBuy Direct, with our £400 million investment, is just one way in which were doing this and it is proving extremely popular."

The scheme is open to First Time Buyers, key workers and others who are currently renting. People who have previously owned a home but are now unable to do so – perhaps where relationships have broken down – can also apply.

Households eligible will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market.

There is no interest to pay on the equity stake for the first five years, although a small fee will be charged from year six onwards.

Buyers can redeem the loan in instalments, purchasing up to 100 per cent of the equity after their initial purchase by buying additional equity at the market rate. Alternatively, if they sell their home, the equity loan is repaid by way of a proportionate share of the sale proceeds.