New scheme draws buyers to The Meadows

The government’s HomeBuy Direct shared equity scheme is proving popular with young homebuyers at The Meadows, Barratt’s development in Siston Common, where the scheme has been in great demand.

Among those benefitting from the initiative are Adam Elliott, 24, and his partner Emma Butler, 23, who will be moving into a two-bedroom apartment at the site in June.

“HomeBuy Direct is a brilliant incentive for people who want to own their first home,” said Adam, a customer adviser for a high street bank. “Buyers who are eligible only have to find 70 per cent of the purchase price and receive a joint equity loan of the remaining 30 per cent, from Barratt and the Government’s Homes and Communities Agency (HCA).

“We’ve been living in rented accommodation but, after the birth of our first baby six months ago, we wanted a place of our own. I found out about HomeBuy Direct on the Internet and, as my cousin already lives at The Meadows, we decided to apply to buy a home there.

“Our application was accepted and our mortgage has now been agreed,” Adam continued. “Everything happened very quickly, within two months, so we can move into our new home in time for the summer.”

Adam and his family will settle into a two-bedroom Warwick apartment, which offers a combined lounge/fitted kitchen, bathroom, two double bedrooms and an en-suite facility. There is a parking space outside.

“The Meadows is in a nice setting at Siston Common, with lots of greenery, and it’s also close to the ring road, so it’s really easy to get to work or to Bristol city centre,” Adam continued. “It will be a much better location for us as our families live close by.

“The Barratt team has been really helpful,” he added. “All in all, buying our first home has been a really pleasurable experience, and now some of my friends are also looking into the HomeBuy Direct scheme.”

Homes currently available through Homebuy Direct include a two bedroom apartment from £139,995, three-bedroom terraced houses priced from £214,995 and a four-bedroom townhouse priced at £229,995.

Barratt sales director Louise Ware comments: “For people who have been priced out of the housing market for years, HomeBuy Direct offers an outstanding opportunity to buy a home at today’s lower prices. The 30 per cent equity loan means that, in many cases, they don’t even need to have a deposit.

“The scheme is open to first time buyers, key workers, people with growing families and others who are currently renting. People who have previously owned properties but are now unable to do so – perhaps because they have been in relationships which came to an end – 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.

Colin Molton, HCA regional director for the South West, 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.”

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide. In addition to The Meadows, the scheme is also available at The Zone in Bristol city centre and Fieldways in Paulton.

For details of current availability, log on to Barratthomes.co.uk.