Bellway Homes says its scheme to sell reduced market value homes at its Millstone Park development in Swallownest has proved a huge success – with all seven selling out rapidly.
The reduced market value homes were exclusively available to first time buyers aged between 23 and 40, with a combined annual household income capped at £80K, or any current or former serving members of the armed forces.
The homes were sold at 20 per cent less than market value, with the 20 per cent held in perpetuity by Rotherham Council, and when the house is sold on, the new buyers will also need to meet the criteria helping first-time buyers in the future.
Melanie Smith, Bellway Yorkshire’s sales director, said: “The reduced market value homes concept couldn’t have come at a better time for those looking to buy their first home. Saving to buy a house is a difficult thing to do, and even more so for first time buyers.”
“To be able to offer them one of our fantastic properties at a reduced price, is not only rewarding, but gives them a big helping hand getting onto the property ladder.”
“I hope that the success of the scheme at the Millstone Park development will lead to similar properties being incorporated into more of our new developments across the region.”
The scheme offered three-bedroom terraced Shoemaker’s that are constructed in line with Bellway’s highest standards. These homes reflect the reasons why Bellway has been awarded a five-star builder status by the Home Builders Federation (HBF) for six consecutive years.
First-time buyers settled into their Reduced Market Value home
Joseph Shemeld, a marketing manager for a social housing company and his partner Abigail Middleton, a nursery practitioner took advantage of the programme and purchased a three-bedroom mid terraced houses in December 2022.
Abigail moved from the next village Beighton, and Joseph from further afield in Doncaster, and have both settled into their new home.
Joseph said: “We weren’t initially looking for a new build when we made the decision to buy our first home but saw the marketing brochure and loved the modern look of the Bellway development. The sales advisor, Helena was so helpful in advising us which properties were within our price range, and quickly helped us to realise that we qualify for the reduced market value homes.”
“It’s still a surreal feeling living in the house because we now have a beautiful stone home that we can call our own. Because of the scheme, it meant we could hold back a little bit more money to put towards decorating and furniture, and really make a house a home.”