Press Releases
First-time buyers in Surrey get an extra step-up - 21/02/07
A new initiative under the government’s HomeBuy scheme makes low-cost homes even more affordable for first-time buyers. Named the First Time Buyer’s Initiative, the English Partnerships scheme is designed to help onto the property ladder first-time buyers that would not otherwise be able to afford a home.
Eligible first-time buyers can purchase a minimum 50% share in a new house with the government making up the remainder. The HomeBuy agent for each region administers this scheme; in Surrey this is Thames Valley Housing Association.
Dayton Rogers, Sales and Marketing Manager at Thames Valley Housing, commented, “With an average house in Surrey costing £250,000 first-time buyers are especially finding it difficult to buy their own home. With the First Time Buyers Initiative, along with our other HomeBuy programmes, we look forward to helping more people from Surrey onto the property ladder.”
There are certain developments designated under this scheme and an initial project by English Partnerships is Park 25 in Redhill, Surrey, built by George Wimpey Homes. There are a total of 35 one- and two-bedroom properties available through the First Time Buyers Initiative and a one-bedroom apartment is available from £82,500 for a 50% share (the property is valued at £165,000).
Around half of all homes available through the scheme will be for key workers (see definition below) with the other half available for social tenants, people on local-housing waiting lists and other priority first-time buyer groups. Key workers can only apply if their annual household income is less than £60,000. There are different income limits for other groups.
Duncan Innes, the English Partnerships Director responsible for the First Time Buyers Initiative added, “These new affordable homes will provide a real opportunity for first-time buyers in many communities across England, where they are needed most. We want to help as many people as possible to take their first steps towards full home ownership and we want to be able to do that quickly. The First Time Buyers' Initiative will help us to do that."
In addition to First Time Buyers' Initiative, qualifying households have the option to buy a home through shared equity under Open Market HomeBuy and New Build HomeBuy.
To review eligibility criteria for the programme visit the HomeBuy website (www.homebuy.co.uk).
- Ends -
Notes to Editors:
• Qualifying criteria for key workers:
1. Must be employed in one of the following qualifying key worker professions:
? Clinical NHS staff (exception of doctors and dentists)
? Teachers and nursery nurses in schools and further education/sixth form colleges
? Police officers, community support officers and some civilian staff
? Prison service staff in certain prisons
? Probation service staff
? Social workers, nursery nurse, educational psychologists, and therapists (e.g. occupational therapists) employed by local authorities or NHS
? Local authority planners
? Fire-fighters and other uniformed staff below principal level in Fire and Rescue Services
2. Have a combined household income of less than £60,000 per annum
3. Have at least five years to serve before retirement
• Key workers employed on a temporary contract, will be considered as long as:
? There are at least six months remaining on their contract
? The contract was issued at the outset for at least 12 months
? There is a reasonable prospect of the contract being extended
• Thames Valley Housing Association home-ownership programmes are available in west and south-west London, Surrey, Hampshire, Oxfordshire, Buckinghamshire and Berkshire.
Further Information
For media information and images please contact Serena Webber or Nicola Preston,
Blueice Communications – Tel: +44 (0) 20 7937 7537, Email: npreston@blueicecom.com
Back to Press Release Listing
|
