Date: Thursday 11 October 2012
The Government’s Housing Minister has visited a Taylor Wimpey new homes development in Birmingham to find out how the leading housebuilder is helping first-time buyers on to the property ladder.
Mark Prisk MP was given a guided tour of Taylor Wimpey’s Highfield Gardens in Edgbaston, and spoke to new homeowners who have been helped to purchase their first property at the development by the FirstBuy scheme.
Under this Government-funded initiative, qualifying purchasers can access selected new homes at the sought-after apartment development for 80% of their full price, and a deposit of only 5%, subject to status.
Taylor Wimpey and the Homes and Communities Agency provide the buyer with a 20% equity loan, which is repayable at the end of the 25-year mortgage term or when the property is sold. The scheme is available to first-time buyers with a combined household income below £60,000.
Mr Prisk said: "What I've seen here today is a really good example of how FirstBuy is making a real difference for first-time buyers. It's enabling people here at Highfield Gardens to bridge that gap between the property they desire and the property they can afford - and it's something that matters not just to first-time buyers themselves, but also to the broader housing market.
“Many first-time buyers are part of a wider property chain, and if you can unlock that chain, you can help the property market as a whole."
Taylor Wimpey Midlands Managing Director Roger Northam, who showed Mr Prisk around Highfield Gardens with Sales and Marketing Director Anne Wallace and other colleagues, said: “One in three Taylor Wimpey customers is a first-time buyer, and at a time when many mortgage lenders are still demanding significant deposits, we recognise that purchasers sometimes need a helping hand to realise their dreams of property ownership.
“We were delighted to give Mr Prisk a special introduction to our Highfield Gardens development and to help him understand how homebuyer initiatives such as FirstBuy are benefiting our customers every day.”
There’s a selection of stylish one and two-bedroom apartments currently available to reserve at Highfield Gardens, with prices starting from just £149,995.
A one-bedroom apartment priced at £149,995, for example, can be purchased by an eligible first-time buyer for an 80% FirstBuy price of only £119,996, including a 5% deposit of £7,500.
Further information about FirstBuy at Highfield Gardens is available by visiting the Sales Centre, located off Highfield Road, Edgbaston, Birmingham, B15 3ED, and open daily from 10am to 5pm. Alternatively, the Sales Executive can be contacted on 0845 072 6210.
Further information about Taylor Wimpey’s developments across the region is available by calling 01926 516900 and by visiting www.taylorwimpey.co.uk/midlands