Family homes for less with HomeBuy Direct in Derbyshire

Families in Derbyshire may be surprised to hear that they can move into a brand new four- bedroom, detached home for just £167,996 at David Wilson East Midlands’ City Point development on Harrow Street 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 Milford style homes to the scheme at its City Point development and with prices starting from £239,995, these superb family homes offer a great opportunity for expanding families to move into a brand new home without overstretching budgets.

“The Milford offers unbelievable value for money and if purchasers take advantage of HomeBuy Direct, then they could find themselves moving in for just £167,996.” 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 £167,996, families who are currently renting could find that buying actually works out cheaper.

“HomeBuy Direct is providing purchasers with a means of moving to a bigger home but within exceeding budgets and even though we’ve only recently been offering this scheme at City Point, it is already proving popular and we have no less than four applications currently in progress.”

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 Harrow Street, City Point comprises a superb selection of four- and five- bedroom family homes.

The development is within easy reaching distance of Derby city centre and the plethora of leisure and recreational facilities it has on offer.

To find out more about City Point or HomeBuy Direct, log onto the website at dwh.co.uk.