Help to Buy Provides a Boost for First Time Buyers in Leegomery
More than 70% of people who’ve purchased at a new homes development in Leegomery, near Telford, have utilised a Government incentive to make homeownership more achievable.
Scores of purchasers at The Coppice have taken advantage of Help to Buy: Equity Loans, to enable them to get a foot on the property ladder with just a 5% deposit.
And with the latest Halifax research indicating the average West Midlands’ first time buyer deposit is almost £23,000, the incentive will be welcome news for those who’ve been struggling to save.
For example, using Help to Buy, a first time buyer could purchase a three-bedroom Letchworth, priced at £194,995, with a 5% deposit of £9,750 and a 75% mortgage for £146,246. The Government will then provide a 20% loan for the remaining amount which, crucially, is interest free for five years.
Pauline Turnbull, sales director for Redrow Homes (Midlands), said: “With the average deposit paid by first-time buyers in the UK last year soaring by 13%, Help to Buy is a welcome shot in the arm for people who may only have a small deposit.
“Not everyone has the luxury of being able to save a huge sum of money to use as a down payment on a new home, particularly if they are currently renting. Thankfully, Help to Buy has unlocked the door to homeownership for the majority of purchasers at The Coppice and there are still homes available through this valuable scheme for others who want to join them.”
Current availability at The Coppice includes three-bedroom homes from £194,995 and four-bedroom designs from £229,995.
The Help to Buy scheme has now been used by more than 80,000 people nationally since it was introduced in April 2013.
Pauline added: “The Coppice is in a great spot for families and young professionals as it’s on the edge of an established residential area, with schools within walking distance, nearby parks, plus a specially created woodland walk forms part of the new neighbourhood.”
Show homes at The Coppice are open daily from 10am to 5.30pm. For more information, call 01902 471096 or see www.redrow.co.uk/coppice.
Established more than 40 years, Redrow Homes is one of the UK’s leading house builders, with a £1billion turnover and building more than 4,000 homes in 2014/15 financial year.
Operating across England and Wales, there is a strong emphasis on providing high quality homes in prime locations and its housing ranges feature designs to suit all lifestyles:
• The Heritage Collection combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors.
• The classically styled Regent Collection features Georgian inspired street scenes and architecture.
• Redrow has also launched a new brand of contemporary homes in Abode, which boast open plan layouts with streamlined kitchen, dining and lounge areas, high specification wet rooms and outdoor living space.
Redrow also creates exclusive bespoke developments in both rural and urban locations. The company has won numerous awards over the years, including, most recently, the Gold Award for Best Large Housebuilder at the What House? Awards 2015 and 2014, Best House Design at the Sunday Times British Home Awards 2015 and the 2014 Building Awards Housebuilder of the Year. Its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence. Web: www.redrow.co.uk.