Press Release
English Partnerships announces 700 new homes for first time buyers
31 January 2007
English Partnerships, the Government agency leading on the rejuvenation of communities across England, has identified eighteen new housing developments as the first in the country to be awarded funding through its First Time Buyers’ Initiative.
Those announced today – which will see housebuilders Barratts, Bellway and George Wimpey deliver around 700 new homes – are the first of up to 40 sites which English Partnerships hopes to identify early this year, and will contribute around 1,500 homes towards a total of 15,000 by 2010. The new homes will be built by a number of leading developers and RSLs.
Duncan Innes, the English Partnerships Director responsible for the First Time Buyers Initiative said, “These new affordable homes will provide a real opportunity for first time buyers in many communities across England, where they are needed most”.
“We want to help as many people as possible to take their first steps towards full home ownership, and we want to be able to do that quickly.
The First Time Buyers’ Initiative will help us to do that.”
Housing Minister, Yvette Cooper, said: "With rising house prices, many first time buyers are struggling to get a first foot onto the ladder. Just because families can't afford the full house price doesn't mean they shouldn't have the chance to get started and buy a share in the first home of their own. We want to help more people like Melanie with this scheme."
Under the Initiative, eligible first time buyers contribute a minimum 50 per cent towards the full purchase price of a new home through an affordable mortgage, with English Partnerships contributing the rest by way of a direct payment to the developer.
First time buyers can then ‘staircase’ to reduce English Partnerships share of the future sales proceeds at any time, and after three years, will start to pay a charge to English Partnerships based on the contribution made.
English Partnerships’ First Time Buyers Initiative is part of the Government’s HomeBuy scheme to help 120,000 people into home ownership through a range of affordable options by 2010
Around 50 per cent of the new homes will be for key workers such as nurses, teachers and police officers. The remaining homes will be made available to local residents who meet priority criteria identified by Regional Housing Boards.
Today’s announcement follows the successful completion of four pilot First Time Buyer sites, awarded funding by English Partnerships last year.
Melanie Latham, a first time buyer who has recently moved into one of the pilot homes at Barratt’s Axiom Scheme in Feltham, said: “As I work for a major tour operator, contracting hotels for holiday packages, I have to travel a great deal and I need to be based near Heathrow, so Axiom is ideally placed.
“My apartment is fantastic. It’s spacious, has two bedrooms, there’s an en-suite shower room, and all the appliances have been fitted in the kitchen so I didn’t need to buy anything else.”
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