Sales success at Fifth Avenue

Sales of new homes at Barratt’s Fifth Avenue development in Harlow are going so well, the housebuilder recently released a further phase of nine houses ahead of schedule to keep up with demand.

Glyn Hopping, managing director of Barratt North London, says: “Fifth Avenue continues to be one of our most successful developments. More than 150 homes are now occupied and we’ve been selling two to three properties a week; even during the current school holiday, which is traditionally a quieter time.

“We are seeing more confidence amongst buyers in an improving market, with many preferring to invest their money in property instead of traditional savings accounts. The various incentive schemes we’ve been offering at Fifth Avenue have also been good for buyers who, in other circumstances, may not have been able to purchase their own home.”

Currently available on selected homes at Fifth Avenue are the government-backed schemes HomeBuy Direct and First Time Buyer Initiative.

With HomeBuy Direct, buyers can move in for only 70 per cent of the purchase price; the other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency. The buyer finances the remaining 70 per cent either through a mortgage, a deposit or a combination of the two.

The scheme has been very popular at Fifth Avenue, with 15 apartments and houses purchased this way. The scheme is open for 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. Eligible households must 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 are able to 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.

With the First Time Buyer Initiative, buyers who cannot otherwise afford to buy a home outright, can purchase a minimum of 50 per cent of a new home with the Government’s Homes and Communities Agency providing the remainder of the funding.

There’s good news for existing homeowners too. Those worried about selling their current home can take advantage of Barratt’s Agency Selling Service. The housebuilder will organise the sale of your home through an estate agency, arranging all the valuations; there are no estate agent’s fees, no chains to worry about and Barratt will even pay for your Home Information Pack (HIP). The whole process is handled for you, so you can get on with life in your brand new home.

Located on a 27-acre site, off Fifth Avenue, near the main A414, the development offers a wide choice of new homes from one and two-bedroom apartments to two, three and four-bedroom houses, along with a range of affordable homes.

Prices start from £265,000 for a three-bedroom house and £288,000 for a four-bedroom house. For further information on Fifth Avenue, Hammarskjold Road, off Fifth Avenue, Harlow, Essex, CM20 2JF.

Information on all Barratt developments is available on the website: barratthomes.co.uk