FIVE star housebuilder, David Wilson South Midlands, has secured national funding to help First Time Buyers who want to take their first step on the housing ladder.

The company today announced that hundreds of local households who have previously been priced out of home ownership will be able to take advantage of the Central Government money to buy a property of their own.

The funds are part of a new scheme called FirstBuy which the Chancellor announced in the Budget in March. It is designed to give First Time Buyers a route to home ownership at the lowest possible cost and with the lowest possible deposit.

"Hundreds of First Time Buyers in the region now have the chance to move into a new home with a deposit of as little as £4,600," said Jackie Day, Sales Director at David Wilson South Midlands.

"Everyone should be clear that this is a great opportunity to buy a privately owned first home of your own."

"A lot of people in Northampton will be eligible to take advantage of FirstBuy - any household with a combined income of up to £60,000 qualifies - so I would urge anyone interested to contact us as soon as possible. We have limited availability in this area but we know that demand will be high because thousands of people have already pre-registered their interest on our website."

Under FirstBuy, buyers will be offered a loan of up to 20 per cent of the price of the property, jointly funded by David Wilson South Midlands and the Government's Homes and Communities Agency (HCA).

The buyers then have to find the remaining 80 per cent of the price themselves. Up to 75 per cent of this could be a mortgage, leaving a deposit of just five per cent.

In practice, that means that anyone buying a two-bedroom house from David Wilson South Midlands priced at £144,995 under the scheme would potentially be able to get on the housing ladder with a deposit of as little as £5,800.

"From the point of view of a First Time Buyer in Northampton, FirstBuy represents a once in a lifetime opportunity to take their first step on the housing ladder, added Jackie.

Richard Hill, deputy chief executive at the HCA, said: "Thanks to FirstBuy over 10,000 First Time Buyers will be able to realise the dream of owning their home, while house builders will benefit from an additional source of sales, giving a much-needed boost to the development industry."

David Wilson is currently building a selection of quality new homes at a number of developments throughout the region which include:

Tavener Fields
Timken Way North
Duston
NN5 6FH
A brand new development of three and four bedroom homes priced from £189,995.

Arena Gate
Duston St Lukes
Northampton
NN5 6FB
Offering a superb selection of one, two and three bedroom homes. Prices start from £114,995.

Domus
Upton Way
Northampton
NN5 4EQ
Boasting an innovative selection of three, four and five bedroom homes. Prices start from £269,995.

To find out more call the sales hotline on 0844 811 4477 or log on to the website at www.dwh.co.uk

David Wilson South Midlands was given a five star rating in this year's HBF Customer Satisfaction Survey, in which consumers are asked if they are satisfied with the quality of their new home and whether they would recommend their builder to a friend.

For added peace of mind, buyers can also benefit from David Wilson's new five year guarantee on fixtures and fittings in their new home at the time of purchase. Items covered at no extra cost to the buyer will include appliances such as washing machines and refrigerators, kitchen units, wardrobes, the central heating system, fires, doors, windows, drainage, the hot and cold plumbing system and even the driveway.

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