The implementation of the First-Time Buyers' Initiative has resulted in an increase in sales at new property developments across the north Midlands, it has emerged.
Sites developed by Barratt Homes in Nottingham, Derby and Mansfield have seen a combined total of ten sales over the past week, after an event highlighting the benefits of the English Partnerships initiative - which forms part of the government's HomeBuy scheme - was held at each of the three locations.
Under the system, buyers take out a mortgage covering 50 per cent of the cost of a property while the rest is paid to the developer by English Partnerships.
"This scheme is a win-win situation for first-time buyers as they can own their entire home for only 50 per cent of the cost, whilst English Partnerships cover payment of the remaining amount," James Poyner of Barratt Homes explained.
Further south, Barratt's The Zone development is attracting interest from young professionals in Bristol due to its close proximity to the city centre.
See Also: Property News (6705)
Date Published: 31 October 2008
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