New home opportunities for London key workers in exclusive WC1

London key workers are being offered the chance to get on the home ownership ladder at a new Barratt development in exclusive Bloomsbury, WC1 - at prices starting from £180,000.

Thanks to a Government-funded scheme, the affordable properties are being offered at Bloomsbury Terrace, a row of magnificent Edwardian mansion buildings which Barratt is transforming into a development of one and two-bedroom apartments.

The scheme enables key workers who cannot otherwise afford to buy a home outright, to purchase a minimum of 35% of a new home. English Partnerships, the Government's regeneration agency, will be providing the remainder of the funding through the London Wide Initiative (LWI).

It is open to any qualifying key worker currently living/working in the capital.

Quietly located in Huntley Street, Bloomsbury, the stylish six-storey buildings that comprise Bloomsbury Terrace were built shortly before World War I, originally as accommodation for police officers. They later became staff quarters for nurses at University College Hospital, but have stood empty and in disrepair for over ten years.

As part of the plan to rescue the buildings, Barratt and English Partnerships agreed to make almost 40 per cent of the total homes available to key workers who would otherwise not be able to buy in central London or, indeed, anywhere else in the capital.

The LWI scheme at Bloomsbury Terrace is a Government low cost ownership initiative and is a form of equity mortgage rather than shared ownership. Successful applicants are able to purchase a home for the first time without requiring large amounts of capital and with mortgage repayments they can afford.

Applicants need to have some savings to cover Stamp Duty and purchase costs.

Applicants who meet the key worker criteria will be able to select their new home, pay a deposit and arrange the ‘maximum affordable' mortgage for at least 35% of the property's cost through a participating bank or building society. English Partnerships will then contribute the remainder of the funds.

At intervals, buyers will be able to purchase an additional share of the equity in their new homes from English Partnerships at the prevailing market value; a minimum 10% share can be purchased at any one time.

Apartments bought under this scheme can be sold on the open market and the proceeds of the sale will be split with English Partnerships in proportion to their share.

Twenty apartments are being offered under the LWI scheme at Bloomsbury Terrace, but a quarter have already been snapped up. For the remainder, equity of 35% in one-bedroom apartments is available at £180,000, and in two-bedroom apartments from £199,995.

Bloomsbury Terrace will retain the distinctively Edwardian elevations of the blocks while offering apartments for the 21st Century inside. All homes will have spacious bedrooms, fully-fitted kitchens with integrated appliances, and fully-fitted bathrooms, plus balconies (or terraces on the lower ground floor). Lifts serve all floors.

Bloomsbury Terrace is in WC1, at the very heart of central London, with many of the capital's amenities within easy reach. Transport links are outstanding.

A sales office and show apartment are now open.

Barratthomes.co.uk.