HomeBuy Direct proves popular at Merryfields

HomeBuy Direct, the new scheme from the Government is proving to be popular with homebuyers in the West Midlands. Already seven of the allocated properties at Barratt West Midlands’ Merryfields development have been sold to purchasers keen to get onto the property ladder.

Merryfields, which is situated on Moor Street in Brierley Hill, initially offered a selection of two-bedroom apartments with HomeBuy Direct - which allows eligible homebuyers to receive a 30 per cent equity loan on the value of their new home - but after much demand from homebuyers, just four now remain for sale.

Lucy Turner, Sales Negotiator at Merryfields commented, “HomeBuy Direct is a great scheme and it is being very well received by homebuyers in the area. Many people who visit the development think that they just can’t afford to buy, but as soon as they hear that they could move into a new home for just an initial outlay of 70 per cent of the price, they are thrilled at the thought of finally owning their own home. In fact many prospective purchasers are so impressed that they reserve within a few days of viewing the homes, if not on the same day!”

The four remaining two-bedroom Bromwich style apartments available with HomeBuy Direct all offer spacious living and dining room, separate kitchen, two double bedrooms and bathroom.

Orbit First Step HomeBuy Agency Team Manager, Karen Coleman said: “HomeBuy Direct can help you if you have a household income of less than £60,000 and you want to buy a home directly from a property developer. It is a great new product that offers homebuyers flexibility and choice and we are witnessing a lot of interest from those interested in buying their own home. Under the scheme, those eligible can take advantage of a loan of up to 30 per cent of the property market value and as there is no interest to be paid on the loan for the first five years, the first few years of home-ownership are made much more affordable.”

HomeBuy Direct is open to first-time buyers, key workers and others who are currently renting. People who have previously owned a home but are now unable to do so – perhaps where relationships have broken down – can also apply. Households eligible will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market.

After the initial five years, homebuyers pay a fee on the equity loans of 1.75%, rising annually by the Retail Price Index (RPI) plus one per cent. If you purchase a home through HomeBuy Direct, you will still have 100 per cent title to your home and you can sell it on the open market without restriction.

Paul Spooner, regional director for the West Midlands region of the Communities Agency, said: “In the current climate it’s important that we help a range of people to find the best housing option to suit them, and simultaneously help stimulate the building of new homes. HomeBuy Direct, with our £400 million investment, is just one way in which we’re doing this and it is proving extremely popular.”

Merryfields is situated half a mile from Brierley Hill town centre and only a mile and a half from Merry Hill shopping centre which offers a wide range of high street stores, supermarkets, cafes and even a cinema complex. It is also ideally located just three miles from Dudley town centre and 10 miles from Wolverhampton town centre.

The development also offers a selection of three-bedroom houses priced from £155,500 and a single five-bedroom home priced at £249,950. For more information, log on to barratthomes.co.uk/merryfields.