225 buyers register for new homes in East Midlands

225 prospective homebuyers have already signed up for a new scheme backed by David Wilson East Midlands and the Government which enables them to move into a new home in the region for just 70 per cent of the price.

Pre-registration for the HomeBuy Direct scheme was launched just four weeks ago. Homebuyers taking advantage of it will receive a 30 per cent equity loan funded jointly by David Wilson and the Government. The buyer finances the remaining 70 per cent of the purchase price either through a mortgage, a deposit or a combination of the two.

The company is backing the initiative with a total of 3,000 homes nationwide and 100 throughout the East Midlands.

“We have had a tremendous response in the four weeks since we launched pre-registration for HomeBuy Direct in the East Midlands which shows that there is still enormous demand for new homes in this area,” said Philip Lacey, Sales Director at David Wilson.

“People who have been priced out of the housing market for years can see this is an outstanding opportunity to buy at new, lower 2009 prices - not high 2007 prices. The 30 per cent equity loan from ourselves and the Government means that in many cases they don’t even need to have a deposit.”

“The scheme is open to First Time Buyers, Key Workers and others who are currently renting. People who have previously owned properties but are now unable to do so – perhaps because they have been in relationships which came to an end – can also apply.”

Under HomeBuy Direct, buyers will be protected against possible falls in property values up to 30 per cent as the David Wilson/Government equity share will absorb price risk. In addition, there is no interest to pay on the joint David Wilson/Government equity stake for the first five years, although a 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 share of the sale proceeds.

Homes being allocated to the scheme in Nottinghamshire span two developments across the region including Church Fields and Birkin Fields.

Church Fields on Hornbeam Way in Kirkby-in-Ashfield has allocated 17 homes to the scheme. This stunning development comprises a selection of two-, three-, four- and five- bedroom homes.

15 homes have been allocated to the scheme at the Birkin Fields development on Queens Road in Beeston. This charming development offers homebuyers a range of two- and three- bedroom properties in a pleasant location.

To pre-register for the scheme visit Dwh.co.uk/homebuydirect. The website contains the full list of sites. Customers who have pre-registered will be immediately contacted as soon as a property in the Leicestershire 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.