24 April 2013
Earlier this month, the local Member of Parliament for Reading West Alok Sharma visited Dee Park to find out about progress with the regeneration project which is being led by Catalyst Housing Group and Willmott Dixon Construction.

Alok met with Martin Mortimer, Dee Park Project Director, who explained that the first part of the regeneration scheme, known as Phase 1, is now well advanced. Construction of the affordable housing element of Phase 2 is under way, with 85 homes due to be completed by the end of this year. Catalyst and Willmott Dixon also report that they are making good progress in discussions with the local Council about the next phase of the project including consultations with the local community in relation to the proposed new school and community facilities.

Martin Mortimer also highlighted how effective in boosting sales in Dee Park the Government’s ‘FirstBuy’ and ‘NewBuy’ schemes have been. The Government offered help to first time buyers through the FirstBuy by providing them with an equity loan to help meet the costs of a larger deposit. The NewBuy scheme is a Government-backed mortgage indemnity open to those looking to buy a new-build property.

In his recent Budget statement, the Chancellor announced the creation of the ‘Help to Buy’ scheme, which massively expands upon both the existing schemes and widens eligibility for government support, with support being made available in the form of an equity loan scheme and a mortgage guarantee scheme.

The FirstBuy scheme has now been replaced by the Help to Buy Equity Loans scheme which will work much in the same way as its predecessor, but will now be open to both first-time buyers and home movers on new-build homes worth up to £600,000.

From January 2014, the Help to Buy Mortgage Guarantee scheme will replace the NewBuy scheme so that mortgage guarantees are available on both new and existing properties worth up to £600,000. Both schemes require the buyer to be able to provide a deposit of at least 5 per cent.

Martin Mortimer, Dee Park Project Director, said: “Significant progress has been made in realising the aspirations for the regeneration of Dee Park, and there is a great deal of interest in the new homes that we are building for sale. Our first phase will be complete in late summer, with only a few remaining units available due to the demand. Construction is now starting on the remaining units in the next phase.”

Martin continued: “The majority of our new homeowners are from the Reading area and Dee Park offers a particularly attractive opportunity, with over 20 of the properties we have sold since the beginning of the year being with the benefit of the government assisted schemes available.”

Alok said: “I was very pleased to get an update on the positive progress taking place in Dee Park and very pleased to hear that the Government’s schemes to help people buy a home are working and have benefitted local people in the area.”

Photo: Alok with Martin Mortimer at Dee Park