First time buyer weekend at Cathedral Walk

First-time buyers will be spoilt for choice at David Wilson Homes’ Cathedral Walk development in Wells, where a number of incentives are available to help them secure a foot on the property ladder.

The developer is holding a special First-time Buyer Weekend on Saturday 11th and Sunday 12th July, to promote its selection of brand new two-bedroom apartments.

These include the Gladstone, priced at £149,950; the Norton, which has an asking price of £157,950 and the larger Braunton, priced at £164,950. All apartments come with a parking space and some offer en-suite facilities.

“Despite the credit crunch, we have some excellent packages designed to make the homes at Cathedral Walk accessible to first-time buyers,” reports Bernice McKenna, sales director of David Wilson Homes. “These include HomeBuy Direct, a major new Government initiative, and our own Head Start scheme.

“With Home Buy Direct, eligible homebuyers only have to pay 70 per cent of the purchase price – so they could buy a two-bedroom apartment at Cathedral Walk from as little as £104,965. The other 30 per cent is funded by a joint equity loan from David Wilson and the Government’s Homes and Communities Agency (HCA).

“The scheme is open to first-time buyers, key workers and others who are currently renting,” she continued. “People who have previously owned a home but are now unable to do so can also apply.”


Households eligible for HomeBuy Direct will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market. 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.

“First-time buyers can also take advantage of our Head Start scheme, available on selected plots,” Bernice added. “Under this scheme, they only require a deposit of five per cent and to secure a mortgage for 80 per cent of the total property price and David Wilson finances the remaining 15 per cent for up to 10 years. It’s a great incentive for people keen to own their first home.

“We are committed to providing affordable homes for people who thought it would be impossible to buy in today’s economic climate,” Bernice stressed. “We will have independent financial advisors on hand and hope first-time buyers will take advantage of our special weekend to find out more about what we can offer.”

As the name implies, Cathedral Walk is within walking distance of Wells city centre - with its wealth of shops, restaurants, and picturesque Cathedral Quarter. For further details log on to dwh.co.uk.