Purchase assistance schemes on new homes in Plymouth

The thriving coastal city of Plymouth in Devon is home to a large university, many public sector organisations, a big naval base, and the fastest growing science park in the UK. Surrounded by lovely beaches and hosting a lively events calendar including the annual Summer Festival, it's no surprise that new-build properties in Plymouth are in high demand. The good news is that many offer purchase assistance schemes to help young couples and families buy their first home.

For prospective buyers concerned that Plymouth's house prices are simply out of their league, shared ownership options offer a helping hand to find a property that's affordable. These offer a way of building up a stake in a property without paying 100 per cent of the price up-front. Affordable new homes in Plymouth are available at Berwick Avenue from Westcountry Housing, for example, where there are just two remaining two-bedroom homes priced for first time buyers.

Set in a quiet area of Crownhill, the properties will be ready for occupation at the end of the March 2011, each priced at £130,000. Buyers can purchase a minimum 45% share with a mortgage or savings of £58,000. Rent would then be payable on the portion they don't own at £163.85 per calendar month, along with a service charge of £18.42 per calendar month. These properties are aimed at people who are already working or living in Plymouth.

In the suburb of Plympton, five miles from the city centre, Barratt Homes' Market Quarter development of two-, three- and four-bedroom homes cost from £215,000 to £235,000. With three home styles to choose from, the development offers easy access to local beaches and Dartmoor National Park, while it is also within the catchment area of Hele's School, one of the finest secondary schools in the South West. The Headstart shared equity scheme could help towards home purchase with a loan, so first time buyers may only need as little as £5,800 saved up for their deposit.

Another of Barratt's new developments, which is yet to open its sale office and publish property prices, is Brunel View on the north west side of Plymouth, offering a mix of two- and three-bedroom homes just a ten-minute bus ride from the city centre, with plenty of schools in the local area.

For larger families, new three- and four-bedroom town houses have just gone on sale at Redrow's expanding Vision development in a desirable position overlooking the Central Gardens along Mill Road in Plymouth. Among the house styles are the three/four-bedroom Drake house type priced at £169,995, and the larger four-bedroom Nelson model priced at £189,995. Many can be bought with Redrow's easi:buy scheme, allowing purchasers to defer 15% of the initial asking price to a time when they have more funds available. The deferred portion doesn't need to be repaid for up to 10 years, or when they resell, yet customers enjoy 100% ownership from day one.

New 'Drake' and 'Nelson' house types have just gone on sale at Redrow's landmark Vision project in Devonport, Plymouth, with prices from £169,995 though available for a much smaller up-front payment under Redrow's easi:buy shared equity scheme