Affordable New Starter Homes in Bedford lure First Time Buyers

New home developer David Wilson South Midlands has released six brand new flats at its new home build development, The Fairways, in Biddenham Vale, in order to meet growing demand for affordable starter homes in Bedford.

The price of the new two-bedroom flats start from £139,995, but are also available on the affordable home ownership scheme, Head Start shared equity, which is being offered by the housebuilder.

Jackie Day, sales director at David Wilson, comments: “We appreciate that making the move into home ownership can be a daunting experience, particularly during the current economic climate when everyone is really watching the pennies.

“But as a company, we’re dedicated to helping wannabe homeowners get a foot on the property ladder by not only providing fantastic starter homes, but also by offering innovative buying schemes, like Head Start, that aim to make a move even more affordable.”

Head Start is a payment deferral scheme which allows purchasers to initially buy a new home for 85% of the asking price. The remaining 15% is funded through a deferred loan which is interest free for the first five years and payable either when the property sells, or in ten years time, whichever comes first.

Day adds: “If purchasers take advantage of Head Start, they could find themselves moving into a brand new two-bedroom apartment for just £118,995, a fantastic price that first-time buyers cannot afford to miss out on.

“Shared equity schemes like Head Start are proving a lifeline to first-time buyers, particularly those struggling to save a big enough deposit to secure a mortgage and we are finding increasing numbers of home hunters are making use of them in order to facilitate a move.”