Barratt West Midlands launches new incentives

Barratt West Midlands is giving homebuyers in Birmingham another chance to find the home of their dreams for just 70 per cent of the price at a range of new developments in the area.

A selection of additional homes have now been released for sale with the Government scheme called HomeBuy Direct which is being offered by Barratt. The initiative allows purchasers to receive a 30 per cent equity loan on the value of their new home, meaning they could move in, for just 70 per cent of the price.

Since the initiative was launched at the beginning of the year, it has only been available at a selection of Barratt developments in the West Midlands. However, due to high demand, it has now been extended to the firm’s Skyline, Westminster Place and Kensington Gardens developments, all in Birmingham.

Graydon Worthing, Sales Director for Barratt West Midlands explained, “HomeBuy Direct has been specifically designed for first-time buyers or those who need to move to a larger home, but who cannot afford to do so, and means that eligible purchasers receive an interest free loan of 30 per cent of the property’s value.

“It has, therefore, been no surprise that it has been such a hit with homebuyers and it is because of this high demand that we have been able to extend the allocation to three additional developments in Birmingham.

“Skyline offers a range of stylish city centre apartments, whilst Westminster Place and Kensington Gardens offers a choice of modern family homes. This means that purchasers wishing to take advantage of the scheme will have an even greater choice of properties.”

“This is a fantastic opportunity for purchasers in the West Midlands to make their dreams of home ownership a reality, so why not call us today to find out more.”

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. 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.

Paul Spooner, regional director for the West Midlands division of the Homes and 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.”

Kensington Gardens is situated on Spring Road in Tyseley and offers a selection of two-bedroom apartments and three- and four-bedroom houses priced from £120,700. Please call the sales office on 0121 777 2589.

Westminster Place, which is located on Alvechurch Road in West Heath offers a choice of three- and four-bedroom houses. Prices start from £149,500.

Skyline is situated in the heart of Birmingham city centre on Granville Street and offers a range of one- and two-bedroom apartments priced from £84,950.

Sales offices are open daily from 10am to 5pm. For more information, see barratthomes.co.uk.