08/02/13

Help for first-time buyers from Persimmon Homes South East

by business editor Trevor Sturgess

Persimmon Homes South East, which recently bought Kent-based Hillreed, is the first housebuilder in the region to offer first-time buyers a chance to tap into a £280million government fund.

The company has signed up with the Homes and Communities Agency to give prospective purchasers access to the FirstBuy 2 scheme.

Three Hillreed developments offering the scheme include Cathcart Gate at Kings Hill, West Malling; Iwade Meadows,  Iwade; and Knoll Lane, Ashford.
They are among 281 Persimmon and Charles Church developments  - 14 across the south east - which are offering FirstBuy 2.

Home buyers can reserve their new home using the scheme for legal completions between April 1 and March 31, 2014.

FirstBuy offers first time buyers an affordable way into home ownership. In the first round of funding, thousands of people were helped onto the property ladder. In this second round, a further £280 million is available.

Darren Jones, managing director of Persimmon Homes South East said: "FirstBuy support is offered through equity loan funding of up to 20 per cent of the purchase price split equally between the Homes & Communities Agency and us, the housebuilder.

"The first time buyer has to raise funding through a mortgage plus deposit of 80% of the purchase price. This is a huge help for people trying to get their first foot on the property ladder and we’re pleased to be able to work with the Government to support the scheme."

Mr Jones expects the scheme, along with NewBuy and NewBuy Part Exchange, to help get people moving.  “Visitor numbers to our developments have seen a significant rise in recent weeks and we’re positive that our FirstBuy announcement will see numbers rise even further."