A DEVELOPER is playing Santa to first-time buyers, just a week before Christmas, with the launch of a new pilot scheme.

The initiative aims to get two would-be homeowners on to the property ladder with a shared equity scheme.

Bewley Homes is busy completing a development of 11 homes at Rosewood Park in Hill Road, Oakley, and has decided to pilot a special shared equity deal aimed strictly at first-time buyers.

The development consists of a range of detached, link detached, semi-detached and terraced homes.

It is two of the two-bedroomed mid-terraced properties, priced at £250,000 and £210,000, that are being offered with shared equity.

But potential buyers will need to be quick off the mark because the Bewley sales office at Rosewood Park closes on Monday for the Christmas break.

Buyers will pay 75 per cent of Bewley's asking price.

Bewley will hold the other 25 per cent for up to 10 years, and there is no interest or rent charged on the outstanding amount.

The new owners can opt to buy the 25 per cent held by Bewley at any stage, and not necessarily in one go.

At the end of the 10-year period, or earlier if the house is resold, an independent valuation will decide the final payment to Bewley, based on its value at the time of a sale.

Bewley's chairman, Colin Brooks, said: "This is like putting the clock back five years for buyers.

"It's a long time since you could purchase a £210,000 property for £150,000.

"We are doing it out of necessity, to help the first-time buyer, but we can only afford to do it on a limited basis."

Bewley has worked in partnership with the Halifax to set up the financing, and believes it is a way to invest in the health of the property market.

Mr Brooks stressed: "This is a pilot scheme on a development that has sold well. It will be considered on other developments."

Also for sale at Rosewood Park, but not in the shared equity scheme, are a three-bedroomed detached house at £360,000 and a three-bedroomed semi-detached home at £235,000.

Estate agents Carson and Company are the selling agents for the Rosewood Park development.