The Radulescu family relocate with Barratt

Patricia ‘27’ and her husband Sorin ‘36’ have purchased a new Barratt two-bedroom apartment at New South Quarter, thanks to the Government’s HomeBuy Direct scheme.

The HomeBuy Direct scheme meant that Barratt and the Government jointly funded a 30 per cent equity loan which allowed them to buy an apartment usually priced at £220,000 for just £154,000. As the couple have bought off plan, they won’t move in until the end of 2009 but they see their new home as the ultimate Christmas present.

Barratt has a total of 3,000 homes available through the HomeBuy Direct scheme nationwide and response to the initiative has exceeded all expectations with developments in the Greater London area in particular demand.

Patricia and Sorin decided it was time to move when their daughter Rebecca “now 2 and a half” was born and it became increasingly apparent they needed something larger than the one-bedroom apartment in Catford, near Lewisham, where they currently live.

Patricia says, “We have a small apartment which has no outside space for Rebecca to play, the surrounding area is not the safest and we want to give Rebecca the space and luxury of having her own room. We have friends in Croydon and the area seems ideal; it’s so peaceful in Wandle Park which is just opposite the development, yet there is something vibrant and exciting about the town which we love.”

Patricia and Sorin started looking for a new home in October 2008. They visited New South Quarter and knew it was the right place for them; and with HomeBuy Direct they could afford a home which gave them the space they needed.

“We love the fact we have a roof terrace as well as the communal courtyards and landscaped gardens which will be great for Rebecca to play safely. All the amenities that are planned will be so useful; having a nursery this close to home will be great and the sheer amount of space we will have is something we never thought we’d be able to afford.”

Barratt Kent’s Sales Director, Tim Nabbs, said: “People who have been priced out of the housing market for years can see this is an outstanding opportunity to buy a new home. The 30 per cent equity loan 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 can also apply.”

Under HomeBuy Direct, buyers will be protected against possible falls in property values by 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 the sixth year 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.

Patricia who is currently a full-time mum cannot wait to be able to make the most of the surrounding area once they move to Croydon. “The park is ideal as we like to spend time out and about as family. There is an enormous selection of shops and a great choice of schools for Rebecca when she’s a little older and with Sorin working as a carpenter in and around London, the location is ideal” says Patricia.

New South Quarter will be a modern urban village of around 800 new homes, sited about a mile from Croydon town centre. With striking architecture, imaginative landscaping and facilities including a medical centre, nursery school, café and convenience store, residents can expect a great lifestyle in what is expected to become a landmark development.

New South Quarter is located opposite Wandle Park Tramline, which connects directly with Croydon’s mainline and tube stations; trains to Victoria and London Bridge can take as little as 13 minutes.

The first homes are due for completion at the end of 2009. Prices at New South Quarter start from £169,995 for a one-bedroom apartment, £191,995 for a two bedroom apartment and £249,995 for a three bedroom apartment.

For more information about New South Quarter or any other Barratt development, log on to Barratthomes.co.uk/HomeBuyDirect.