The launch of the Government's NewBuy scheme (12th March), which will herald the return of 95 per cent mortgages for buyers of new houses, is already attracting enormous interest says housebuilder Barratt Homes.

Around 20,000 potential homebuyers have already pre-registered their interest on the company's website nationally with the weekly registration rate now hitting 1,500.

Interest in the scheme is being driven by the dramatically reduced deposit needed to buy a new house, giving creditworthy buyers the best opportunity for five years to get onto the housing ladder.

As well as website pre-registration, Barratt Homes is launching its own helping hand for would-be homebuyers with a helpline - 0844 815 6179 to deal with the increased level of interest.  

It is also pledging that its network of mortgage advisers will be available seven days a week so that NewBuy mortgage applicants can get independent advice and a rapid decision.

Lisa Preston, Sales Manager at Barratt West Midlands said: "This is a significant change for the housing market in Birmingham and we are seeing substantial levels of interest.

"I would urge anyone interested to contact us as soon as possible.  We will explain how the new system will work and talk our customers through the reduced deposit requirements.

"We have set up a priority service especially for our buyers, using independent mortgage advisers who will ensure their enquiries receive a rapid response."

Barratt West Midlands is hailing the return of 95 per cent mortgages as a real boost for the local housing market and local economy.

"We believe it will provide the necessary kick start to the market which has been starved of mortgage finance in the past five years," said Lisa.

"There is an awful lot of pent-up demand. People have been renting for three or four years and many are a bit fed up that they are paying more in rent than if they had bought.

"But the new product is also available to existing homeowners who want to buy a new build property and who only have a five per cent deposit."

Lisa added: "The key thing is that people will no longer need huge deposits of up to 20 per cent.

"Even though house prices have fallen since 2007, not everyone has been able to take advantage because of the hefty deposits which lenders have been demanding ever since the credit crunch began.

"In practice that means that you could buy one of our new houses with a deposit of £4,198.

"This is a game changing moment for creditworthy buyers who have been understandably frustrated for years about not owning a house of their own."

Barratt Homes currently has properties available at its development The Crescent in Shard End, Birmingham:

The Crescent offers a single one-bedroom maisonette priced at £83,950 and a selection of three-bedroom houses priced from £141,950. For more information please call the sales centre on 0121 748 2638 open daily from 10am to 5pm.

Alternatively call the sales hotline on 0844 811 9933 or log on to the website at www.barratthomes.co.uk/thecrescent

Barratt West Midlands was given a five star rating in this year's HBF Customer Satisfaction Survey, in which consumers are asked if they are satisfied with the quality of their new house and whether they would recommend their builder to a friend.

For added peace of mind, buyers can also benefit from Barratt's exclusive five year guarantee on fixtures and fittings in their new house at the time of purchase. Items covered at no extra cost to the buyer will include appliances such as washing machines and refrigerators, kitchen units, wardrobes, the central heating system, fires, doors, windows, drainage, the hot and cold plumbing system and even the driveway.

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NOTES TO EDITORS 

1)    For further information about Barratt West Midlands please contact Hannah Elwell, Director of PR or Sophie Redman, PR Account Executive on 0116 247 1777 or Hannah@unsworthsugden.co.uk  or sophie@unsworthsugden.co.uk

2)    Barratt Group sold 11,171 homes in the last financial year, making it the biggest housebuilder by volume in Britain.

3)    Barratt Group was named Housebuilder of the Year at the Housebuilder Awards 2011.

4)    Barratt Group was awarded a maximum five star rating for the third consecutive year in the 2012 Home Builders Federation Customer Satisfaction Survey.

5)    In 2011 site managers working for Barratt Group won the highest number of NHBC Pride in the Job Quality Awards for a record seventh consecutive year.

6)    Barratt Group is the only housebuilder to guarantee the fixtures and fittings in place at the time of purchase of its new homes for five years.

7)    Barratt Group is also one of Britain's foremost sustainable housebuilders.

Images of a selection of developments are available to the media at http://www.barrattdevelopments.co.uk/barratt/en/media/mediakit/lib