House hunters in Epsom, desperate to get on the property ladder for the first time, are in for some good news.

Builders Crest Nicholson launched the first phase of its Rosebery Heights development at the weekend.

All of the one- and two-bedroom properties at Rosebank will only be available on the HomeBuy Direct scheme, a government-supported scheme to help people to home ownership.

First-time buyers, key workers and people in need of a new home after relationship breakdown will be able to buy a new home for just 70 per cent of the full asking price.

It means that a two-bedroom apartment at the Epsom development, which would be priced at £249,950, becomes £174,965 with HomeBuy Direct.

HomeBuy Direct is open to households earning a joint income of less than £60,000 a year and offers purchasers the chance own 100 per cent of a new home for as little as 70 per cent of the property’s market value.

Of the outstanding amount, up to 30 per cent is lent to the purchaser via an ‘equity loan’, jointly financed by Crest Nicholson and the Government.

There is no interest to pay on the HomeBuy Direct loan for the first 5 years.

After five years, purchasers will be charged a fixed rate interest of 1.75 per cent, rising annually by the Retail Price Index (RPI) plus 1 per cent. The life of the loan is 25 years (or until the property is sold), after which purchasers will need to repay the loan calculated on the value of the property at the time of repayment.

Chris Warner, sales and marketing director with rest Nicholson South, said: "With the help of this initiative, those who were previously priced out of the market will be able to afford to buy a quality and attractive property in this great location."

For more details contact Crest Nicholson on 0870 751 3962 or visit www.crestnicholson.com/roseberyheights