Proof that Help to Buy is doing exactly as it says comes in the shape of strong sales performance at Scholars Place in Hardingstone, near Northampton.
Of the 17 reservations to date, 10 were made by homebuyers using the Government-backed Help to Buy initiative that lets them reduce the initial cost of their new home via an interest free equity loan.
“Scholars Place has been hugely popular thanks to a winning combination of the location, specification and the availability of Help to Buy. We’re already approaching the half way mark with one buyer moved in, 16 properties reserved and several people set to secure a quick sale of their old home via our Mastermove scheme so that they can move here,” says Helen McGill, area sales manager for Redrow Homes (South Midlands).
“The vast majority of purchasers have used Help to Buy, realising that cutting the initial cost of their new home means they only need a 4% deposit and their monthly mortgage repayments will be lower than might be expected.
“Coupled with other positive news in the housing market, such as the Bank of England’s pledge to keep interest rates low for at least the next three years, it means that more people now have the confidence to invest in a new home.”
Scholars Place offers a choice of three and four-bedroom homes from the sought-after Heritage Collection.
Prices start from £234,950 for a three-bedroom Letchworth style property. Factor in Help to Buy and the initial purchase price is only £187,960. The balance is covered by the 20% equity loan, which is interest free for five years and can be repaid when the customer has more funds available or comes to resell.
Alternatively, homeowners could secure a buyer for their existing property quickly, simply and at full market value using Mastermove, leaving them free to purchase one of Redrow’s brand new homes.
Redrow will arrange to have the client’s property valued and agree a selling price with them. Then they will liaise with a local estate agents to market the property on the customer’s behalf and even pay the estate agent’s fees. All it takes is a small deposit, which will be refunded upon completion.
Located in Newport Pagnell Road, on the southern edge of Northampton, the development enjoys a beautiful setting in an area well served by local schools. Easy access to the M1 and the M6 makes the homes equally well suited to commuting to London or Birmingham.
To find out more about the homes and the help available, visit the showhomes and sales office, open daily from10am to 5.30pm.
Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its New Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established more than 35 years, the company has won numerous awards over the years. Redrow received a 5* Award in the Home Builder Federation (HBF) annual customer satisfaction survey in 2011, 2012 and 2013; collected the Silver award in the Large Housebuilder category of the 2012 What House? awards; and its ‘Share a little bit of joy’ campaign was named best marketing initiative at the 2012 Housebuilder Awards. Web: www.redrow.co.uk.