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Discount To Market Value Or Part Buy-Part Rent In County Durham

Posted 6 March 2023 by Keith Osborne

There are excellent buyer assistance schemes available on many plots at Barratt Homes developments across the county...

Barratt Homes is offering first-time buyers on a limited budget an opportunity to get on the property ladder thanks to two buyer schemes – Home Reach and Discount To Market Value.

For buyers who meet the eligibility criteria, Home Reach is an opportunity to purchase a share of a new build home (usually starting at 50%) and pay a subsidised rent on the remainder, with housing provider heylo as the landlord. The scheme is offered on selected plots at developments across England and provides all the benefits of homeownership but requires a much smaller deposit (5% of the share price) and a smaller mortgage than when purchasing outright. Over time, owners can buy further shares as their budget allows, until they own 100%.

The Discount to Market Value initiative works in partnership with the local authority and offers selected plots to first-time buyers who meet affordability and other eligibility criteria, including being a permanent resident and being employed in the area, or with a local connection. Buyers on the scheme here will pay a percentage of the market price (for example, 80%) but have all the benefits of 100% ownership – so there is no rent payable on the remaining shared (in this example, 20%) . When they come to sell the home, they will be doing so for their percentage of the market value at the time, so that the next owner also benefits from the discount. The vendor receives any profit margin on the sale.

The ‘Moresby’The ‘Moresby’ house type

At a garden village taking shape north-west of Darlington, The Orchard at West Park. There’s a nature reserve nearby but it’s only a short drive to the town centre and to the A1(M). There’s an example of the ‘Maidstone’ house type for sale through Home Reach, starting at £104,995 (full market price £209,995) and ready to move into, and one of the ‘Moresby’, from £117,500 for a 50% share (full market price £235,000). Both of these are three-bedroom/two-bathroom semi-detached homes with private parking for two cars.

Elwick Gardens is bringing two-, three- and four-bedroom homes to Elwick, a village to the west of Hartlepool which is within easy reach of local amenities, including the town centre and the Marina, and moments away from the A19. A number of three-bedroom homes here are offered on one of these schemes. With Home Reach are a number of plots of the ‘Maidstone’, priced from £105,995 for a 50% share (full market price £211,995) , and one of the ‘Denby’ from £125,995 for a 50% share (full market price £251,995). A few of the ‘Maidstone’ are available through Discount to Market Value, starting at £157,500.

The ‘Ellerton’The ‘Ellerton’ house type

Coxhoe is about 15-minutes’ drive from Durham and Bishop Auckland offering a semi-rural setting with country walks and scenic nature trails in the surrounding area. House-hunters are encouraged to find out more as soon as possible about the Burdon Green development ahead of a price rise on 20 March 2023. Through Home Reach, the ‘Maidstone’ here starts at £103,955 for a 50% share (full market value £207,995). With Discount to Market Value, another semi-detached three-bedroom/two-bedroom house type, called the ‘Ellerton’, starts at £151,995.

A few miles north of Stockton-on-Tees, Highgrove at Wynyard Park Is part of a sought-after estate surrounded by peaceful woodland and nature trails, and close to an ‘Outstanding’ Ofsted-rated primary school. The Discount to Market Value scheme is available here on several examples of the ‘Kenley’, starting from £148,000. This terraced house type has kitchen/diner, lounge, two double bedrooms and a bathroom, and comes with two private parking space.

Find out more about current Barratt Homes developments in County Durham.

 

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Featured Developments
Hartlepool, County Durham TS26
£239,995 - £269,995
Elwick Gardens
Hartlepool, County Durham TS26
3 - 4 bedroom properties
Barratt Homes
Coxhoe, County Durham DH6
£215,995 - £339,995
Burdon Green
Coxhoe, County Durham DH6 
3 - 4 bedroom properties
Barratt Homes
Darlington, County Durham DL2
£164,995 - £249,995
The Orchard at West Park
Darlington, County Durham DL2 
2 - 3 bedroom properties
Barratt Homes
Wolviston, County Durham TS22
£229,995 - £329,995
Highgrove at Wynyard Park
Wolviston, County Durham TS22
3 - 4 bedroom properties
Barratt Homes
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