Help to Buy boosts new home sales across county

The Help to Buy scheme is providing a welcome boost to the Warwickshire new homes market and construction industry with developers across the county reporting a strong take up of the Government initiative.

Tim Wardley, divisional managing director of Atkinson Stilgoe, part of the Connells Group, one of the country’s leading sellers of new homes, said: “Since the scheme was announced both first time buyers and second steppers who recognise that it offers them a unique opportunity to get on the ladder or trade up to a larger home.

“The Government has pumped millions of pounds of taxpayers’ money into this initiative to help buyers who would otherwise struggle to raise enough deposit to buy a property through a traditional mortgage.”

Unlike previous schemes, Help to Buy is available to all purchasers, not just first time buyers, of new homes up to the value of £600,000.

And there is no restriction on the maximum amount someone can earn to be eligible.

Tim Wardley said: “This is an amazing opportunity for anyone who can afford the mortgage payments but who would struggle to raise the substantial deposit required by most lenders to access their best deals. It may also mean that purchasers will be able to buy a larger new home than they thought they could afford.”

Since the economic crisis began many people have found themselves ‘trapped’ in a property which has become too small for them as their family has grown.

Although they may well be earning enough to meet monthly mortgage payments, they may have limited equity in their property and rising day to day living costs have made it difficult to put aside extra funds to enable them to move to a larger property.

Similarly aspiring first time buyers who are currently renting often find that, after paying their monthly rent, they cannot afford to save enough deposit to obtain a conventional mortgage on a home of their own.

Ironically, with interest rates at a historically low level, monthly rental charges are often the same or even more than they would have to pay in mortgage repayments.

“These are the sort of people who could really benefit from Help to Buy,” said Tim Wardley.

“However most people simply do not know enough about it – or possibly think it’s too good to be true – so, to try and spread the word and help people understand it better, Connells together with Atkinson Stilgoe are running a Help to Buy week at all of their local branches.

“Help to Buy is a terrific scheme which has already proved to be extremely popular at the many new homes sites we are selling throughout the country and take-up will soar as more people become aware of it.”

But he warned: “Whilst funds are available today, no-one can say with certainty how long they will last so it really is a case of act now or lose out.”

www.connells.co.uk

Pictured: Connells’ sales and lettings team.