Government scheme not just a boost for first time buyers
RECENT government statistics reveal more than 185,000 people have achieved their dream of a brand new home since the launch of the Help to Buy equity loan scheme in 2013.
Of those, approximately 150,000 households (81%) were first-time buyers.
But, while the average price for homes purchased with the support of Help to Buy was around £191,000, proving that the scheme targets responsible lending to first-time buyers who tend to buy cheaper properties, it is available to people with existing properties too as the figures suggest, one in five buyers who used Help to Buy is not a first time buyer.
One housebuilder who has experienced an increasing demand for Help to Buy support from those buying their next home, rather than their first, is Elan Homes.
Andrea Nippe, sales director for Elan Homes in the South, said: “Given the high number of first time buyers who use Help to Buy, there are many people who mistakenly believe that it is only available to those who are stepping on to the property ladder. But it is actually available to everyone buying a brand new property under £600,000 (outside London).
“At our South Molton development, The Gateway, Help to Buy has enabled growing families to purchase a property that may have previously been out of reach, as well as couples who want the extra space now, ready for when the time comes to start a family.
“Help to Buy enables people to buy a new-build home with just a 5% deposit and the aid of up to a 20% equity loan, which is interest free for five years. Therefore, it is ideal for those who don’t have a huge deposit or who have only a small amount of equity in their home.”
Help to Buy is available at Elan’s Gateway development in South Molton, North Devon, where a £263,995 four-bedroom detached Buckingham style home can be purchased with a deposit of £13,199, a 20% equity loan of £52,799 from the Government, interest free for five years, and a mortgage for the remaining £197,997.
Elan @ The Gateway is located between Parsonage Lane and Station Road and will eventually be home to 150 brand new two, three and four-bedroom properties with some boasting stunning views across the open field towards Exmoor, with current prices for three and four-bedroom homes between £224,995 to £285,995.
To find out more about The Gateway and Help to Buy, call 01769 574 581