Lucy learns property ladder is child’s play thanks to Bellway’s ‘Sharebuy’

A Hertfordshire teacher has fulfilled her ambition of owning her own home thanks to a Bellway scheme designed to help first-time buyers struggling to take their first tentative steps on the property ladder.

Thirty year-old Lucy Groves has snapped up a one-bedroom apartment at Bellway’s Lavender Fields development in Hitchin, Hertfordshire, using Bellway Housing Trust’s ‘Sharebuy’ scheme. ‘Sharebuy’ enables first time buyers to purchase a property on a shared ownership basis for as little as 50 per cent of the market value price.

Primary school teacher Lucy has spent most of her adult life so far living in rented accommodation. After moving in with her parents in June 2006 to save a deposit for a home of her own, she was fast giving up hope of ever being able to afford a property at current market prices. She viewed a number of properties but could never afford them – until now.

“The places I saw were either very run down and needed extensive renovation work, or way beyond my budget as a single person on a modest teacher’s salary. I had my heart set on living in Hitchin as I have previously rented here and it is ideal for me, close to work and all my friends. But after a while I started to think I wouldn’t be able to own a home of my own and was getting quite disheartened.

“When I came across Lavender Fields and Bellway’s shared ownership initiative through a friend’s recommendation, I realised that at long last there was light at the end of the tunnel. I went to see the show apartment and the friendly sales advisors explained the scheme and how it would work. I was given the option of acquiring 50 per cent of the property initially and paying a subsidised rent on the remainder. I’m paying a total, in mortgage payments and rent, of £600 a month which is manageable for me.

“My apartment will be ready in July and I can’t believe I will finally have a home of my own. I have the option to increase the percentage of the property I own as my income increases, which will mean my rent payments will go down. My parents will have their spare room back and I will be a homeowner so it really is a win-win situation all round!”

Lucy, who works at Ickleford Primary School, outside Hitchin, signed on the dotted line for her new apartment on the day of her 30th birthday:

“It really felt like fate after all that time spent looking at properties I simply couldn’t afford on a single person’s wage. It sounds like a cliché but this really is a dream come true for me and I can’t wait to move in and start decorating. Bellway paid my 5% deposit for me, so the money I managed to save whilst living with mum and dad can now be spent on upgrading the interiors and on lovely furniture!”

Bellway Housing Trust is a new subsidiary of Bellway plc, one of the country’s major housebuilders. Bellway’s Director of Affordable Homes, Colin Blakey, said: “The Bellway Housing Trust is not a housing association but it is able to provide affordable housing without the need for social housing grants.

"The Trust works closely with local authorities to ensure people on moderate incomes are given the opportunity to get their foot on the property ladder.

"The apartments available through the Trust are built in exactly the same way and to the same specification as those which have been sold on the conventional open market at Lavender Fields so that there is total integration.”

Lavender Fields enjoys a quiet but central location in the charming market town of Hitchin. The scheme, which borders Whinbush Road, is adjacent to the River Hiz and is set on the former site of William Ransom’s herbalist and plant extract factory. Transport links are enviable, with London’s Kings Cross only 40 minutes away and the nearby A1M providing fast routes to the Midlands, the North and into London.

Under the Bellway Housing Trust ‘Sharebuy’ successful applicants can buy 50 per cent of the value of their new home and pay a subsidised rent on the remainder. This means that first-time buyers can purchase a desirable new home at a price they can afford and can increase their share of ownership over time.

For more information, visit bellway.co.uk and click on ‘North London’.