Wolverhampton Housbuilder Responding To West Midlands Housing Crisis

Jan. 3, 2012 - PRLog -- The Home Builders Federation, an organisation that represents member interests on a national and regional level to deliver new housing across the country, has reported that like the country as a whole, there is an acute undersupply of housing in the West Midlands. However, the managing director at Wolverhampton-based Persimmon Homes West Midlands claims that its multi million pound investment in the region will go some way in redressing this important issue.

“We recognise that building new homes is vital to economic growth across the West Midlands and are committed to investing in the region,” comments Steven Hird. He continues: “During 2012, we will be building at seven active developments across the region and will deliver 142 new homes. Our two large scale developments – Abbotts Field on Ettingshall Road and Akron Gate on Stafford Road, both in Wolverhampton, will ultimately feature a combined total of 834 new homes which not only demonstrates just how proactive we are being in responding to the shortfall, but will also come as welcome news to local house hunters.”

It has also been cited that the deposits first time buyers now need to raise – up from around £6,700 in 2000 to £30,000 in 2011- are huge stumbling blocks for hopeful purchasers. However, shared equity schemes and the Government-supported FirstBuy initiative are providing valuable support.

FirstBuy is offered through equity loan funding of up to 20 per cent of the purchase price split equally between the Homes and Communities Agency and Persimmon, with purchasers being required to raise funding (a mortgage plus deposit) of at least 80 per cent of the purchase price. This would mean that for a property worth £160,000 buyers would need to secure a mortgage of £120,000, with a deposit of just £8,000.

Steven continues: “The expertise of our sales advisers helping people apply for, and buy through, Government funded equity loan schemes is second to none. Across the Persimmon Group, we have helped over 2,000 purchasers to buy their first home with the previous Government-supported HomeBuy Direct scheme and we have already taken 20 FirstBuy reservations across the West Midlands region, which demonstrates that these schemes really do offer practical help for buyers who are looking to get onto, or up, the property ladder.

Persimmon to deliver 142 new homes across seven developments during 2012

“Whilst the shortage is an important issue that shouldn’t be overlooked, we are doing all we can to provide house hunters across the West Midlands with the widest choice of properties and incentives to choose from to ensure buying a new property is an affordable reality.”

For information on the range of homes and incentives currently available across Persimmon’s developments in the West Midlands, please call 01902 624300 during office hours or visit www.persimmonhomes.com