Firstbuy Funding Available At Two Major Berkeley Homes Developments In South-east London

Berkeley Homes, one of the South East's most respected property developers, has a number of affordable new homes in London available with funding from the new Government-backed FirstBuy scheme. Two of its major regeneration projects - Kidbrooke Village and Royal Arsenal Riverside - now offer apartments under this shared equity initiative.

With FirstBuy, the buyer is expected to have at least a five per cent deposit and to be able to secure a mortgage through an approved lender for 75% of the property price. Up to 20% of the value of the property is lent to the buyer, jointly and equally by the housebuilder and the Government's Homes and Communities Agency (HCA), interest-free for five years, which is repayable when the property is sold. FirstBuy is open to those earning no more than £60,000 a year who are first-time buyers or re-entering the property market and would not otherwise be able to afford a suitable home on the open market.

"FirstBuy is a shared equity scheme which reduces two major obstacles to first time buyers - the size of the deposit and the amount mortgage providers will lend," says Paul Vallone, Managing Director of Berkeley Homes (Urban Renaissance). "We are delighted that Berkeley has been chosen by the HCA to participate in FirstBuy. Berkeley prides itself on creating quality new homes that are affordable to first time buyers."

Kidbrooke Village will eventually comprise four districts: City Point, Blackheath Quarter, Capital Plaza and Meridian Gate. City Point is already well underway, and with a number of two-bedroom apartments ready for occupation, the introduction of FirstBuy means that even more house hunters are able to join this new community and take advantage of an exclusive residents-only gym and a concierge service.

In addition to the new residential property, the scheme will provide commercial and shopping space, along with sports and leisure facilities, healthcare and community amenities, schools, parks and even a hotel. There will also be a new transport interchange, which will integrate the bus and rail services that connect Kidbrooke with the local area, Docklands and central London. London Bridge station is just 15 minutes away by rail.

Royal Arsenal Riverside is in Woolwich and has already seen the transformation of the area around the former munitions factory into a superb modern residential area. There are a number of one-bedroom apartments at the latest phase, The Warehouse No. 1 Street, which are available to eligible buyers through FirstBuy.

The site already has a Young's gastropub, exclusive gym and wellbeing centre and concierge service, with a Tesco store imminent and a pharmacy and healthcare centre also underway. A Crossrail station is also planned for the site, adding to its already impressive transport links.

Jackie Jacob, HCA London Director, says: "The FirstBuy offer will be available on nearly 1,000 new-build properties across the capital and has been incorporated into the Mayor's already popular First Steps Programme, a free service aimed at helping Londoners who aspire to homeownership. As well as being great news for first-time buyers, this funding is delivering a much-needed boost to the development industry."