Affordable new homes for the summer

Bellway Essex has announced a launch date for an exciting new housing development in Basildon. The 10.3 acre site off High Road, Laindon, called Radford Park is due to open for sale on Saturday 24th May.

The 184 home development will offer a mix of apartments and houses. The housing mix will include one bedroom and two bedroom apartments; two bedroom coach houses and two, three four and five bedroom houses.

30% of the homes will be dedicated affordable and will predominantly be available to rent from Family Mosaic.

First time buyers will also be given a helping hand thanks to the “HomeBuy” First Time Buyers Initiative (FTBI).

FTBI makes more affordable homes available to first time buyers trying to get a foot on the housing ladder. It is part of the Government’s new “HomeBuy” low cost home ownership drive.

FTBI enables aspiring first time buyers who cannot otherwise afford to buy a home outright to purchase through an affordable mortgage, and with Government assistance, a new home on a designated FTBI development scheme. The Government then has an entitlement to a future share of the property’s sale proceeds, which means hard-pressed buyers can enjoy the benefits of home ownership but on a more affordable basis.

The new innovative scheme will mean that first-time buyers will be able to take out a mortgage for less than the selling price of the value of the property the remaining percentage is contributed by the FTBI scheme, making the total mortgage costs more affordable. During the first three years there is nothing to pay on the amount that English Partnerships has contributed. After three years, buyers will pay a fee of 1% per annum, increasing to a maximum of 3% after five years.

Applications are made through “Homebuy” agent Moat who will prioritise public sector key workers and their qualifying groups who are seeking to buy a new home but are currently priced out of the market.

Duncan Innes, the English Partnerships Director responsible for the First Time Buyers Initiative said, "This is a golden opportunity for people in and around Basildon who have been priced out of the property market.

"We all know that there is an increasing gap between earnings and house prices and by reserving affordable new homes exclusively for first time buyers, English Partnerships aims to help as many people as possible to take their first steps towards full home ownership."

Sales Director at Bellway Essex, Karen Coulson, said: “This is a great opportunity for first-time buyers who are struggling to get a foot on the housing ladder. Buyers will be able to purchase a new home for less than the usual marketing price with FTBI assistance making it much more affordable. In addition they will not have to pay the full fee of 3% per annum on the remaining 50% until year six, which means that an owner has a five year period of zero or reduced fees at a time when first-time buyers are the most financially stretched.”

She continued: “Basildon is a thoroughly modern town with plenty of amenities from high street shops to leisure facilities. Our new development, along with the work that we are carrying out locally will ensure that these new homes will be in great demand. Access to major motorways is good and the railway links to London make this a perfect location.”

Radford Park is located just 1.69 miles west of Gloucester Park, which is benefiting substantial enhancement from Bellway, there will also be significant open spaces on the development and featured landscaped areas.

Radford Park will have excellent commuter links. Rail services run from Laindon station straight into the London Fenchurch Street in just 34 minutes. For motorists the A127 Southend Arterial and the A13 are both conveniently close by, linking Radford Park to the M25. For international travel Stansted Airport is only 35 miles away and London City Airport just 25 miles.

To register interest in buying a home at Radford Park, visit Bellway.co.uk.