Help is at hand for first time buyers in Gloucester
Miller Homes is urging first time buyers and renters in the Gloucester area to take their first steps onto the housing ladder at Millers Gate, but are warning that the clock is ticking for those who are looking to use the Government’s Home Buy Direct shared equity scheme.
The development on Thatcham Avenue has already enjoyed much success, most recently at an open evening held on the 4th November and time is now running out as properties are in short supply for those looking for help with buying their first home.
Linda Androlia, regional sales director at Miller Homes, commented: “We’ve had a lot of interest at the Quedgeley development, largely due to some properties being available by HomeBuy Direct. We already have 70% of our Home Buy Direct allocation sold. We have enormous experience of guiding homebuyers through the Home Buy Direct process, but properties eligible for Home Buy Direct funding are now in short supply and all purchases must be completed by the end of March 2010.”
She continued: “Home buyers have to be aware that, like any house purchase, the process does take time and they will need to start the buying process soon in order to complete before the March deadline.”
HomeBuy Direct is a shared equity scheme designed to help first-time buyers, renters and those living at home to move into affordable home ownership. The scheme is available on a select number of new build properties and buyers are offered an equity loan of up to 30 per cent of the purchase price, co-funded by Government and Miller Homes. Any household earning £60,000 or less who could not afford to buy a suitable property on the open market is eligible for the scheme.
Shared equity is becoming an increasingly popular method of purchasing a home, says Linda Androlia. “One of the benefits with Homebuy Direct is that you own 100% of your home from day one which isn’t the case with some other schemes which aim assist FTB onto the ladder. Schemes such as Homebuy Direct offer an alternative method of funding for first time buyers which can help avoid the potential pitfall of raising a large deposit.”
Linda continues “The Home Buy Direct scheme has helped thousands of first time buyers and renters, but there is no guarantee that the scheme will be extended any further and housing stocks that are eligible for funding are running out. There is clear evidence that the housing market is beginning to pick up – my message to first time buyers and renters is that now is the time to buy.”
Homes at Millers Gate are available from £179,950 for a three bedroom Hardwicke style property, or with HomeBuy Direct, from just £125,965. For more information, visit millerhomes.co.uk.
