Government funding to help first time buyers in Harlow

English partnerships, the Government-backed national regeneration agency, has awarded additional funding under the First-Time Buyers' Initiative (FTBI) to Barratt North London's Fifth Avenue development in Harlow. The scheme has already proved popular at Fifth Avenue, helping 39 people to buy their own home there. The extra funding means the housebuilder will now be able to offer 17 more properties under the scheme.

The FTBI is part of the Government's ‘HomeBuy' low cost ownership scheme which helps aspiring first time buyers, who cannot otherwise afford to buy a home outright, to purchase a minimum of 50 per cent of a new home with English Partnerships providing the remainder of the funding. The applications to buy under the scheme are approved and processed by Moat, the Government-appointed ‘HomeBuy Agent'.

The eye-catching development, which will have 530 homes when complete, is located on a 27-acre site off Fifth Avenue, near the main A414. The first two phases include a range of one and two-bedroom apartments and two, three and four bedroom houses.

Glyn Hopping, managing director of Barratt North Londo, says: "Fifth Avenue was launched almost two years ago and is already looking well-established, with many homes now occupied by a variety of buyers from single people to large families. The development is playing an important part in the wider regeneration of Harlow and we are particularly pleased to be able to offer more homes under the excellent English Partnerships' FTBI."

Kirk Howe, head of FTBI at English Partnerships, adds: "We are delighted that the initiative has helped a number of families and other people priced out of the housing market to buy a home in Harlow and know this additional funding will help more to do so."

Bill Rammell MP says: "This is a wonderful opportunity and I am delighted English Partnerships has awarded more FTBI funding to Harlow. This is also a vital step forward for the Harlow Gateway Project. I have long campaigned for more affordable housing both for rent and for sale in Harlow and any initiative which gives first time buyers the ability to own their own property gets my seal of approval. I look forward to working with all partners to ensure the scheme is promoted as widely as possible in the town to ensure that 17 more local residents in Harlow can take advantage of the initiative."

The Harlow Gateway Partnership consists of Harlow District Council; Harlow Sports Trust; English Partnerships and the Department for Communities and Local Government. In addition, Harlow Town Football Club, Harlow College, Mark Hall School, and Science Alive are all supporting the Gateway initiative. A spokesperson for the Harlow Gateway Project said: "This is fantastic news for the ongoing regeneration of Harlow. This funding is instrumental in the long-term plan to develop and improve housing for the people of Harlow and to ensure that the local community has access to affordable housing - a vital component of the Gateway Project".

Prices for homes currently available at Fifth Avenue are from £140,000 for a one-bedroom apartment, £185,000 for a two-bedroom apartment and £270,000 for a three-bedroom house.

For more information, log on to Barratthomes.co.uk.