EP chooses 15 new developments for First Time Buyers’ Initiative

English Partnerships (EP) has chosen 15 new developments representing almost 600 new homes to be awarded funding through its First Time Buyers’ Initiative. The government agency said the sites would, together with 18 developments announced in January, provide 1,300 homes for first time buyers and contribute to helping 120,000 people into home ownership. The funded schemes so far include 11 by Barratt Homes, eight by George Wimpey and five by Bellway. EP hopes to identify seven further sites before the end of the year. EP director Duncan Innes said: “We are offering a golden opportunity for people who have been priced out of the property market. We all know that there is an increasing gap between earnings and house prices, and by reserving affordable new homes exclusively for first time buyers, English Partnerships aims to help as many people as possible to take their first steps towards full home ownership.” Under the initiative, eligible buyers contribute a minimum 50% towards the full purchase price of a new home through an affordable mortgage, with English Partnerships contributing the rest through payment to the developer. First time buyers can then ‘staircase’ to reduce English Partnerships share of the equity at any time, and after three years, will start to pay a charge to English Partnerships based on the contribution it made. Around 50% of the new homes will be for key workers such as nurses, teachers and police officers. The remaining homes will be made available to local residents who meet priority criteria identified by Regional Housing Boards. The sites announced by English Partnerships today, are: Barratt – Trafalgar View, Liverpool Barratt – Upton, Northampton Bellway – Chapel Walk, Solihull Countryside Properties – Carrington Park, Warrington Countryside Properties – Lock 38, Stoke Crest Nicholson – Renny Lodge, Milton Keynes Crest Nicholson – The Exchange, Tunbridge Wells Crest Nicholson – Poole Quarter, Poole Crest Nicholson – Park Central, Birmingham George Wimpey – Oxley Park, Milton Keynes George Wimpey – Images, Gants Hill, Redbridge George Wimpey – The Bridge, Dartford Tower Homes – Kings Reach, Barking Paddington Churches Housing Association – The High Street, Wealdstone Team – Sutton’s Wharf, Tower Hamlets The first round of sites announced in January, were: Barratt (Kings Oak) – Queensgate, Watford Barratt – Cathedral View, Ely Barratt – The Axis, Romford Barratt – Aspirations, Gravesend Barratt – Echo City 1, Leeds Barratt – City Point, Brighton Barratt – Oceana Boulevard, Southampton Barratt – The Zone, Bristol Barratt – Trafalgar View, Liverpool Bellway – First Central, Ealing Bellway – Ochre Yards, Gateshead Bellway – Broadlands, Leeds Bellway – Windsor Gate, High Wycombe George Wimpey – The Vineyard, Acocks Green George Wimpey – The Parks, Bracknell George Wimpey – Park 25, Redhill George Wimpey – Royal Mead, Swindon George Wimpey – Oakley Park, Swindon