Buying is cheapest for Humberstone midwife

Local housebuilder David Wilson East Midlands has helped a first time buyer make her dream of home ownership become a reality at its Humberstone Lodge development in Humberstone and thanks to its shared equity deal buying has proven cheaper than renting.

25 year old Trina Davies had been living in rented accommodation but felt her monthly outgoings would be better spent towards a buying a home of her own. As a first time buyer, there were many deals on offer to the Midwife, who works at Leicester General Hospital.

Trina comments “As a single first time buyer I didn’t have a deposit so researched the best deals developers were offering and looked around a number of new homes developments. David Wilson offered me one of its shared equity deals, which was ideal for my situation and thanks to it I was able to afford to buy my own place.”

David Wilson’s shared equity schemes allow purchasers to initially buy a property for a reduced percentage of the asking price. The remaining percentage, which can be anything between 15 and 25 per cent*, is funded by a David Wilson equity loan. Shared equity is not a shared ownership scheme; homebuyers own 100 per cent of the property from day one. There is no rent or interest to pay on the deferred amount, the percentage borrowed is simply paid back at the property’s open market value at any time up to the point of resale or within ten years, whichever is sooner.

Thanks to shared equity, Trina was able to purchase her new home and the monthly repayments worked out cheaper than renting.

“It’s hard to believe that I’m better off buying a property than renting. My monthly rent was £425 but with my mortgage my repayment is just £406. I could only afford to buy thanks to shared equity and to anyone who says that now isn’t a good time to buy, I would have to disagree!”

Trina purchased a two- bedroom coach house in the style of a Wincham at the development on Danbury Place. This well designed starter home is a freehold property that benefits from its own garage and offers a thoughtfully planned layout that comprises an open plan lounge and dining room, fully fitted kitchen, two good size bedrooms as well as a bathroom.

Trina adds “Humberstone Lodge was the ideal development for me- it’s close to work and it’s a nice quiet area. I wanted my own front door and the fact that the Wincham had a garage definitely appealed as it’s not often smaller properties come with their own garages.

Trina concludes “I love my new home and I’ve settled in really well.

Philip Lacey, Sales Director at David Wilson comments “Many first time buyers assume that new homes are out of their price range when quite often that isn’t the case.

“We’re currently offering a number of deals designed exclusively for first time buyers including shared equity which is ideal for those like Trina who don’t have a deposit saved.

“And with house prices at their lowest since before the property boom of 2007, now is an ideal time to get a foot on the ladder.”

Humberstone Lodge is situated on Danbury Place in Humberstone and currently offers a selection of three- and four- bedroom homes which are ideal for families and those climbing the property ladder.

Within easy reaching distance of Leicester city centre, the development benefits from the wide range of leisure and recreational facilities on offer including the recently opened Highcross shopping centre, cinemas, restaurants, public houses and the National Space Centre.

Prices at the development start from £179,995 for a three- bedroom Kingsbury home.

To find out more, visit during the opening hours of 11am-6pm, Thursday to Monday, or log on to Dwh.co.uk.

* David Wilson is currently offering Head Start at Humberstone Lodge which is its 85/15 shared equity deal