Barratt to launch new development in Hoddesdon

Barratt North London will launch its brand new development, Woolens Grove, in Hertford Road, Hoddesdon on Saturday 12th September.

The scheme is set to transform a former water reservoir site with 55, two-bedroom apartments, including 22 affordable homes.

Woolens Grove is superbly located just a few minutes’ drive from the A10, which provides good connections to London and the North. Rye House Railway Station is around a five-minute drive from the development, with trains into London Liverpool Street Station taking just under 40 minutes.

Glyn Hopping, managing director of Barratt North London, says: “The enviable location of this development will no doubt attract many first time buyers and commuters. We are offering the Government-backed HomeBuy Direct scheme on 12 homes, which will make it even easier to buy at Woolens Grove. I would recommend buyers register their interest with us sooner rather than later to make sure they don’t miss out.”

HomeBuy Direct gives homebuyers the chance to move in to a new home for only 70 per cent of the purchase price. Barratt will match the Government’s funding pound for pound in the new venture to provide an equity loan to the homebuyer of up to 30 per cent. The buyer finances the remaining 70 per cent through a mortgage, a deposit or a combination of the two. 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.

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 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.

Prices are expected to start from circa £185,000. To register your interest in Woolens Grove, Hertford Road, Hoddesdon, EN11 9BS, log on to barratthomes.co.uk.