South West Homes
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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.”
COMING HOME TO THE COMMUNITY
Returning to Keynsham has been a big deal for Rachael Dunster-Horseman. She loves the community she grew up in, and only reluctantly left when she joined the council’s housing waiting list and was offered a home in Twerton, Bath.
‘I felt it was either that or nothing, so of course I had to accept,’ explains Rachael. ‘I was just pleased to have a roof over my head for me and my daughter.’ However, when her husband Dean moved in, and they had a baby of their own, the house became very cramped.
They tried in vain to move out. ‘We were looking around seriously for four years and considered everything,’ says Dean, ‘a mutual exchange, going back on the housing waiting list again, renting privately; we even emailed our MP. We were getting very frustrated and just wanted to move out.’
‘It wasn’t that Bath was bad, but the house was too small and I really missed Keynsham and wanted to go back,’ explains Rachael. ‘It’s a friendly town with a nice atmosphere and a strong community.’ Dean comes from Hanham, near Bristol, and also wanted to be closer to his family and work.
Their persistence paid off and they were the first people to enquire about new homes that were being built at Caernarvon Road in Keynsham. Rachael says, ‘I remembered the old flats that were there and when I heard they were going to be redeveloped, we wondered if there might be an opportunity for us and called the number on the signboard at the site.’
In fact, they’d come across the first homes to be built in a major redevelopment project by the Trust to deal with its remaining pre-cast reinforced concrete (PRC) homes, demolishing and replacing 191 properties across five areas in Bath and Keynsham. These were built in large numbers in the post-war years and, as a result of structural problems have been technically classed as defective.
The Trust has used the opportunity to increase the amount of affordable housing in Keynsham. Of the 40 homes, 23 are for rent to people registered with Homesearch (which administers Bath and North East Somerset Council’s waiting list for affordable housing), while 17 have been made available through the Trust’s ‘Rent to Buy’ scheme.
‘We did consider buying a house, but although we saved and saved, could never afford it,’ explains Dean. ‘Now you can’t get a mortgage anywhere! Rent to HomeBuy means we can rent the house for up to three years and when we’re ready to buy, we don’t have to find the full purchase price. Instead we can buy a percentage of the house and increase it when we’re able to. It’s a good way of getting on the housing ladder.’
The move has come just in time for their 11-year-old daughter, who was desperate to go to Wellsway School in Keynsham with all her friends. Rachael explains, ‘She stayed in primary school in Keynsham while we lived in Bath, but Wellsway couldn’t accept her because we were out of its catchment area. So the timing was ideal – we had appealed before we heard that we had got the house, but once we told them our new address, they sent a letter saying she’d been given a place. She’s thrilled.’
That goes for the house too, where both girls now have their own bedroom and a garden to play in. ‘The house is great,’ says Dean, ‘we love it. We watched them being built, and the finished homes look really good. The cul-de-sac is quieter than where we were in Bath and there’s a grassed area, so it’s safer for the kids to play.’
As for the new community that’s been created at Caernarvon Road, Rachael is positive about that too: ‘We’ve had some ‘meet your neighbour’ events and the Trust held a street party for everyone, so we know a few of them and the children play together. Everyone here seems quite nice, but it takes time to get to know people. Mind you, we intend to stay here a long time. We’re in no hurry to move.’
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.