Buy a home for £60k with Barratt West Midlands

House builder Barratt West Midlands is giving homebuyers the chance to move into a brand new home for only £60,165 at its Edenside development on Elwell Street in Wednesbury.

Plot 93, a two-bedroom Falkirk style apartment which is currently priced at £85,950, is now available to buy with the help of HomeBuy Direct, a Government scheme which allows homebuyers to move into a brand new home for just 70 per cent of the price.

Under the scheme, purchasers receive a 30 per cent equity loan on the value of their new home which is jointly funded by Barratt and the Government. This means that with the scheme, plot 93 could be purchased for the initial astonishing price of only £60,165.

Graydon Worthing, Sales Director for Barratt West Midlands commented, “The Falkirk style apartments which are available at Edenside are ideal for those who are looking to get a foot onto the property ladder. Not only do they offer spacious accommodation, but they are also very affordable with prices starting from only £85,950, making them the perfect first home.

“However, if this wasn’t enough, eligible purchasers could also take advantage of the HomeBuy Direct scheme which allows purchasers to move into a brand new home for only 70 per cent of the price. This means that one lucky purchaser could move into plot 93 for only £60,165.

“This is an unmissable opportunity, so anyone thinking about buying a new home should come along to Edenside today to find out just how easy it could be to find the home of their dreams.”

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 of 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.”

The Falkirk style apartment offers open plan living and dining room, separate kitchen, two double bedrooms and bathroom.

Edenside is ideally located just two miles from junction nine of the M6, offering a fast and direct route to Birmingham, whilst Wolverhampton is only seven miles from the development to the North West.

Edenside also offers two-bedroom apartments are priced from £85,950 and four-bedroom houses priced from £193,950. For more information log on to barratthomes.co.uk/edenside.