Family homes for less thanks to HomeBuy Direct

Families in Nottinghamshire may be surprised to hear that they can move into a brand new four- bedroom, detached home for as little as £129,496 at David Wilson East Midlands’ Church Fields development in Kirkby-in-Ashfield thanks to the Government’s HomeBuy Direct scheme.

The Government launched HomeBuy Direct earlier this year in a bid to combat affordability issues within the housing market. It allows purchasers to initially purchase a property for just 70 per cent of the asking price, the remaining 30 per cent if funded through a joint David Wilson and Government loan.

The housebuilder has allocated a number of four- bedroom homes to the scheme at its development on Hornbeam Way and with prices starting from just £184,995 for a home in the style of a Hurst, this superb property offers a great opportunity for expanding families to move into a spacious new home without overstretching budgets.

“The Hurst offers unbelievable value for money and if purchasers take advantage of HomeBuy Direct, then they could find themselves moving in for just £129,496.” comments Philip Lacey, Sales Director at David Wilson.

“HomeBuy Direct was introduced as a way of combating affordability issues and it is proving a welcome lifeline to purchasers concerned about living beyond their means during the current economic climate. But at £129,496, families who are currently renting could find that buying actually works out cheaper.”

Margaret Allen, Regional Director for the Homes and Communities Agency in the East Midlands, 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.”

The scheme 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.

Located on Hornbeam Way in Kirkby-in-Ashfield, Church Fields comprises a superb selection of one-, two-, four- and five- bedroom homes.

The development benefits from the good range of amenities this charming suburb has on offer including shops, school, public houses and takeaways whilst the busier urban centres of Nottingham and Mansfield are close at hand.

Prices at the development start from £79,995 for a one- bedroom apartment.

For more information about Church Fields or HomeBuy Direct, log onto the website at dwh.co.uk.