Member Article

Figures show Help to Buy popular in Leeds

With figures released showing Help to Buy Equity loans across the region remain at high levels, Barratt Homes reveals the scheme is still going strong at its St Andrew’s View development in Leeds, with almost 50% of new homes being purchased through Help to Buy.

Recently released figures demonstrate the scheme is performing exceedingly well in Leeds, with 116 Help to Buy sales in the last quarter alone, and 1,604 Help to Buy sales since the scheme launched on April 1st 2013. The scheme allows people to buy a new home with just a 5% deposit and is set to continue until 2021.

Although the mortgage guarantee part of the scheme ended in December last year, the equity loan scheme is still going strong. This part of the scheme has been largely successful in helping increase the supply of high loan to value mortgages (up to 95%), thereby helping first time buyers. The average purchase price of a home bought under the scheme is £226,887, with the vast majority (81%) being used by first time buyers to get on the property ladder.

The Help to Buy equity loan scheme allows a homebuyer to secure a brand new home up to the value of £600,000 with only a 5% deposit. The government lends the buyer 20% of the value of the property in the form of an interest free equity loan for five years. This then means buyers can access some of the great deals available for a 75% mortgage, making new homes much more affordable.

Nicki Jefferson, Sales Manager at St Andrew’s View, said: “It is really great to see that the Help to Buy scheme is so successful, not only at St Andrew’s View, but across Leeds. It is brilliant that we have been able to help people who never thought they could get onto the property ladder move into their new homes at St Andrew’s View, and we hope people continue to take advantage of this great scheme.”

Barratt Homes is currently offering Help to Buy at various developments across the region, including its St Andrew’s View development in Leeds.

This was posted in Bdaily's Members' News section by Richard Savage .