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New homes in Haslington are better by half

THE average first time buyer deposit rose to almost £33,000 last year, but less than half that figure could be enough to secure a brand new home in Haslington with Help to Buy.

The Government-backed equity loan scheme is available on all new Elan homes at Vicarage Fields.

Typically someone buying a home with Help to Buy should only need a relatively small deposit of around 5%. That works out at just £13,750 for a four-bedroom detached Southwold at Vicarage Fields. It means that instead of buying a home they’re likely to grow out of, aspiring homeowners could buy a family-sized property, negating the need to move again when they have children.

Marie Morris, sales director for Elan Homes in the North, explained: “According to Halifax research, the average deposit paid by first time buyers last year was close to £33,000 with non-homeowners expecting to save for a deposit for 5.5 years. But while the Generation Rent report suggests raising a deposit is seen as a barrier to homeownership we’re urging would-be homeowners to take a fresh look at their finances. Thanks to Help to Buy they could find that they’re able to secure a four-bedroom home at Vicarage Fields with savings of around £14,000 – that’s less than half the average first time buyer deposit paid last year.”

The four-bedroom Southwold is available to purchase on the open market at £274,995 or an initial outlay of £219,996 with Help to Buy. The lower price includes a 5% customer deposit and a 75% mortgage, with the remaining 20% covered by the equity loan, which is interest free for five years.

The Southwold spans 1,283 sq ft including combined kitchen, breakfast and family room with French doors that lead out to the rear garden. There’s also a separate lounge to the front, plus a utility and cloakroom.

Upstairs, the master bedroom benefits from an en-suite, leaving the family bathroom to serve the remaining three bedrooms.

“The Generation Rent report reveals that the age at which people buy their first home has increased and that many see buying with a partner as a way of making homeownership easier to afford,” Marie adds.

“With that in mind, we’d encourage buyers to have an open mind and think about their future housing needs rather than their current ones. Buying a larger home now with Help to Buy could be an investment in their future and may mean that they don’t need to move again when they start a family.”

Ideally situated on the edge of Haslington, the new homes at Vicarage Fields offer buyers the chance to embrace the rural idyll and enjoy views of neighbouring farmland, but with the amenities of a large town within a 10-minute drive. Plus, with Chester, Liverpool. Manchester and Stoke easily accessible by road and rail, and London less than two hours away by train, it’s a neighbourhood that appeals to those who work in a city or town centre but want to live somewhere quieter.

The show home at Vicarage Fields is open Thursday to Monday from 10am to 5pm. For more information call 0845 250 8680