Part-ownership homes released

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The 3,000 Barratt homes will be available to eligible homebuyers for 70% of the purchase price - the Government and developer will meet the rest of the cost with a 30% equity loan.

Homes in 138 Barratt developments across England are up for offer under the Government's £400 million HomeBuy Direct scheme, which will enable households with incomes below £60,000 to buy new build properties.

First-time buyers, key workers and those who have previously owned homes but now find themselves unable to get on to the property ladder are able to apply for the Barrett properties.

The one, two and three bedroom flats and two and three bedroom houses will be offered in areas including Chesterfield and Dudley in the Midlands, Calderdale and Middlesbrough in the North and Eastbourne, Swindon and Taunton in the South as well as Merton and Croydon in London.

Some properties have already been built, while others are due for completion towards the end of the year.

The loan, which can cover up to 30% of the purchase price, will be free of charge for five years and can be used as a deposit.

After this period, interest will be charged at 1.75% for year six but a fee will be charged from year six onwards.

More than 130 developers have agreed to take part in HomeBuy Direct, which is hoped will help up to 18,000 first-time buyers as well as offering support to the housebuilding industry during the downturn by buying up unsold properties.

Housing Minister Margaret Beckett said: "It is great news that major developers like Barratt are backing the Government's HomeBuy Direct scheme and working with us to help first-time buyers on to the housing ladder. With many more deals like this in the pipeline, they will help deliver much needed affordable homes and support the house building industry."