HomeBuy Direct in London is a sell-out for Barratt

Barratt’s first London development to offer new homes to customers under the Government’s ‘HomeBuy Direct’ initiative - giving them the chance to move in for only 70 per cent of the purchase price – has been a runaway success.

Keen first-time buyers have snapped up all 26 homes allocated for HomeBuy Direct at Barratt’s new Kennington Park Square development in London SE11 – the development from which Housing Minister Margaret Beckett launched the nationwide HomeBuy Direct scheme earlier this year. A further 163 HomeBuy Direct homes on Barratt developments elsewhere in London are also going fast.

Alastair Baird, managing director of Barratt London, said: “We have an outstanding track record in delivering affordable homes across London through initiatives like this, as our success with HomeBuy Direct at Kennington Park Square demonstrates.

“We are delighted the Government has chosen to work with us to help almost 200 households in London and 3,000 nationwide who have wanted to buy a home but until now have been unable to afford one.”

David Lunts, London regional director for the Homes and Communities Agency, said: “In the current climate it’s 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 we’re doing this and it is proving extremely popular.”

Kennington Park Square, which is under way on land bounded by Black Prince Road and Kennington Road, still has one-bedroom apartments for sale at full-market prices starting under £265,000. For further information on Kennington Park Square please call the Marketing Suite open from Thursday to Monday, 10.00am to 6.00pm on 0207 820 8020.

Under the HomeBuy Direct initiative, buyers will be protected against possible falls in property values up to 30 per cent as the Barratt/Government equity share will absorb price risk. In addition, there is no interest to pay on the joint Barratt/Government equity stake for the first five years, although a fee will be charged from year six onwards.

The other Barratt developments in London where HomeBuy Direct is available are:

SW19 The Sanctuary, in Wimbledon, where 67 apartments are allocated. Prices start from £179,995 for a studio apartment. The development blends a riverside location with contemporary design. All the apartments have balcony views and there are around parking spaces for all residents, a rare commodity in London. For further information about SW19 The Sanctuary please call the Marketing Suite on 020 8947 1137, open daily from 10 am to 6 pm.

The second is New South Quarter, which is growing into a modern urban village of around 800 new homes, just a mile from Croydon town centre. It offers a total of 96 homes through HomeBuy Direct with prices starting from just £169,995 for a one-bedroom apartment.

Barratt has a pre-registration site, barratthomes.co.uk/homebuydirect, to cater for the strong level of interest. The website contains the full list of developments nationwide. Customers who have pre-registered will be immediately contacted as soon as a property in the area becomes available. Households eligible to take advantage of the offer will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market.

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 share of the sale proceeds.

It’s not only First Time Buyers and Key Workers who can benefit. People who have previously owned properties but are now unable to do so – for example, in cases where relationships have broken down– can also apply.

For information on all Barratt developments visit Barratthomes.co.uk.