First time buyers given a helping hand with Bellway Homes

Britain is facing a housing crisis. As interest rates steadily rise, together with a shortage of affordable housing, more and more first time buyers are being priced out of the market as The Prime Minister acknowledges (10 July 2007).

Whilst the bulk of housing is on the so-called ‘second-hand’ market, new housing clearly has a key role to play and large developers have a crucial responsibility in this regard. One exemplar of good practice is Bellway Homes which is involved with the First Time Buyers’ Initiative with government agency English Partnerships and which has set up its own Trust dedicated to helping first time buyers.

Reflecting Government thinking, the Bellway Housing Trust, a subsidiary of Bellway plc, was created to provide first time buyers and those on moderate incomes with a vital step on to the housing ladder.

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.”

Bellway developments where affordable housing has been or is being made available include:

First Central, Park Royal - 30 affordable apartments
Windsor Gate, High Wycombe - 40 affordable apartments
Rubicon, Greenwich – 50% affordable
East One, Stepney - 100% affordable
Synergy at Park 25 – 25% affordable
Lavender Fields, Hitchin – 29 apartments and houses for affordable rent and 11 apartments for shared ownership

First time buyers who have benefited from Bellway schemes include:

Thirty-year old Lucy Groves, purchased a one-bedroom apartment at Bellway’s Lavender Fields development in Hitchin 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. She moves in later this month.

Jayne Le Marquand (27) and partner Sean Denneny (28) from Brent were priced out of the property market. By taking advantage of Bellway and English Partnerships’ First time buyer initiative, they have been able to buy a two bedroom apartment at Bellway’s First Central development in Park Royal.

Twenty-five year old Cassandra Cherry and her partner Stuart McLellan (26) would have been renting and saving for at least two years before being able to afford a home of their own. With the help of English Partnerships at Bellway’s First Central in Park Royal, they have been able to purchase a two-bedroom, two bathroom apartment.

For further information on Bellway Homes, visit: bellway.co.uk.