'New homes for first time buyers'

01-Feb-2007

English Partnerships has announced that 700 new homes will be developed for first time buyers under its first time buyer initiative.

Spread over 18 new housing developments, these properties are part of a strategy to develop first time buyer homes over 40 sites, contributing around 1,500 new homes by the end of the decade.

Available to buy under the government's HomeBuy scheme, this new housing is being developed in partnership with Barratts, George Wimpey and Bellway.

"With rising house prices, many first time buyers are struggling to get a first foot onto the ladder," said housing minister Yvette Cooper.

"Just because families can't afford the full house price, [it] doesn't mean they shouldn't have the chance to get started and buy a share in the first home of their own," she added.

Under the shared ownership initiative, home buyers must purchase at least a 50 per cent share of their new home, with the remainder of the property covered by rent to the owning housing association.

For information about New Build HomeBuy, key worker schemes and shared ownership, click here.

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