Following news out recently that home ownership is at a 30 year low, with the problem being inherently worse in the north 1 , one housebuilder says it is bucking the trend due to Help to Buy. New figures released by the Homes and Communities Agency (HCA) has revealed that 87% of buyers using the Help to Buy scheme in Newcastle are first time buyers, with a total of 790 homebuyers in the Newcastle region having used the scheme since it was launched three years ago.
Almost all of those using the scheme have been first time buyers (87%), with 691 homes being bought by ‘first timers’ in Newcastle using Help to Buy. Local housebuilder, Barratt Homes North East, is encouraging homebuyers throughout the region to take part in the popular scheme, which has already helped tens of thousands of people across the country to buy a brand new home. At Barratt Homes North East’s The Maples development on Monkton Lane, Hebburn, 60% of all homes sold have been bought using the Help to Buy scheme whilst Barratt Homes North East has recently completed its 700 Help to Buy.
Help to Buy allows any homebuyer to secure a brand new home under the value of £600,000 with just a five per cent deposit. The government lends the buyer 20 percent of the value of the property in the form of an interest free equity loan for five years, meaning that buyers then gain access to some of the great mortgage rates currently available with just a 75 per cent mortgage. Available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder.
Fenton Hewitt, Sales Director for Barratt Homes North East, said:
“Our region has produced some strong results for the Help to Buy scheme and it is great to see Newcastle in particular achieving such high figures for the scheme in the region. Help to Buy has proved so helpful to so many homebuyers and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.”
On the Barratt Homes website there is lots more information on Help to Buy – http://www.barratthomes.co.uk/Offers/Help-to- Buy/ together with a calculator that shows how much people can borrow using the scheme. The housebuilder has helped more than 18,500 people across the UK buy their home through government shared equity schemes such as Help to Buy, FirstBuy and HomeBuy Direct, more than any other housebuilder.
Breakdown of total Help to Buy sales within the North East since the scheme launched in April 2013:
To find out more about Barratt Homes North East, or to book a viewing at one of its properties, visit: http://www.barratthomes.co.uk/Time Buyers