Logo

What help is available when buying a home?

PUBLISHED: 10:43 12 September 2017 | UPDATED: 10:43 12 September 2017

One of the living spaces offered at a Newbury New Home

One of the living spaces offered at a Newbury New Home

Archant

Joe Pattinson from Newbury New Homes talks about the financial aid available when purchasing a home and what’s included in the price.

Joe Pattinson, Newbury New Homes Joe Pattinson, Newbury New Homes

Help to Buy was introduced in the coalition budget of 2013. It was argued that this measure would help drive the supply side of the housing market while others voiced concerns that it would push up prices. Well, since 2013, we have seen prices continue to rise but what has been the effect on the supply side? In 2007 there were 219,000 housing completions but that had collapsed to 107,870 by 2011 following the financial crisis and recession of 2008. By the end of 2016 the number of completions had risen to 140,660, leaving some way to go to get back to where we were and where we wanted to be. Many will be familiar with the scheme that provides interest-free equity loans of up to 20% of a property’s value on homes up to £600,000.

It means that not just first-timers but all home buyers can now buy a home with just a 5% deposit. A £330,000 home with a 3.15% mortgage would cost £1,193 a month under the scheme which is probably cheaper than renting. The number of first-time buyers had fallen to an all-time low of 192,300 in 2008 but, for the last three years, more first-time buyers have returned to the market with more than 300,000 in the last three years and reaching 335,750 in 2016 – still some way from where it needs to be but a great improvement.

At Newbury, we are very aware of how costly it can be to buy a home, though it can be a lot more costly not to buy one! We like to do what we can to ease the burden and visitors to our recently-opened site at Wendover Park, Rackheath, near Norwich, are pleased and surprised to find just what is included in the price. As well as plenty of space, these homes include a comprehensive range of white goods and all Newbury’s new homes come with a choice of carpets, turfed and fenced gardens and a choice of finishes, including tiles, all at no extra cost. We recognise that moving home or buying your first home is an expensive business and we have been lobbying the government to abolish stamp duty for first time buyers. So, on sales agreed this year, we have decided to put our money where our mouth is and pay stamp duty for ALL buyers at principal residence rate.

Owning your own home is very much a part of the British way of life and also remains a good investment.

Newbury New Homes has sponsored this article. Pop along and see Mike Tomlin at the sales office who will provide lots of help to buy your stylish new Newbury Home, call 01603 672636 or visit www.newburynewhomes.co.uk

Latest Property Articles

A petition calling for housing to only be built where it is easily accessible by foot or by public transport is to be launched today.

They were legends of their day. The riders who roared around the city’s speedway track, cheered on by as many fans as now pack into Carrow Road to watch Norwich City.

David Wilson Homes built 517 homes in the Eastern Counties last year, contributing over £85.1m to the economy, a new report reveals.

If you get divorced, what happens to the family home? Sarb Gosal, partner at Spire Solicitors LLP, gives you the legal lowdown.

A common area of confusion among property owners is the distinction between legal and beneficial ownership and the corresponding tax treatment of each.

2018 is a great year to buy a new property, says Edward Parker from Bennett Homes

It’s an opportunity that sounds like something from a game of Monopoly.

Bovis Homes has become the latest housebuilder to shrug off economic uncertainty by posting a bullish trading update, pointing to a hefty rise in profit this year.

From prime offices and new homes to industrial estates and top shops, we can today reveal the properties in Norfolk and Suffolk bought by companies in offshore tax havens.

A closed Norwich pub is to be turned into flats for students.

A developer is proposing to build 205 new properties in Rackheath - across the road from a 3,000-home extension to the village.

One of Norwich’s landmark buildings, Hardwick House, is on the market and an offer has already been made close to the £1.6million price tag.

The public can now have their say on where they think more than 7,000 homes should be built in Norfolk.

An apartment has gone on sale at the former Norfolk & Norwich Hospital with fantastic night-time views

More than £2m is to be spent to improve the safety of hundreds of people living in Norwich’s tower blocks, in the wake of the Grenfell Tower fire.

A mystery buyer has made an offer on a former ironmongers in Aylsham - with contracts due to exchange shortly

Members of the NDAEA donated £1000 to a homeless charity in Norwich.

A “dangerous” village crossroads could be replaced with a roundabout as part of a proposed new housing development.

The prospect of a new garden village in Norfolk has been mooted, as council bosses wrestle with where more than 7,000 more homes should be built in the county.

More than 50 new homes could be built in a South Norfolk village.

More than 20 new homes could be built on land owned by Broadland District Council in Great Plumstead.

Builders could lose the right to create a new 140-home housing estate unless an extension to its planning permission is granted.

Will this be the year when work finally begins on a number of stalled Norwich schemes where several hundred new homes are planned?

As the future for Norwich’s Anglia Square is cast into the spotlight with news of revised proposals for the area’s regeneration, this paper is calling for 2018 to be the year of positive change for the north city location.

Up to 93 new homes could be built next door to Norwich City Hockey Club’s grounds in Taverham.

A London-based property developer is seeking to build up to 550 homes near Thorpe St Andrew.

Joe Pattinson, Newbury New Homes, discusses the real cost of stamp duty

Well as it’s almost time for the dreaded staff Christmas outing. I’ve warned my family and my liver to expect the worse, says Keith Hood, of Warners Financial Services.

Why do we put up with such an archaic house buying and selling system, asks Andrew Pointen, of Pointens.

Concern has been raised that the sudden surge in bids to build student flats in Norwich is happening without a proper strategy to see if they are needed.

If you are thinking of purchasing your first home or moving house, it is important to understand all of the costs involved before you start house-hunting. Your solicitor will handle the legal work around the property, however, there are some extra costs involved within the conveyancing process. When planning your budget we would advise you to consider:

There are many elements to a self-build project to take into account, and overlooking any of them could cost you time and precious funds. Most of us only think of the obvious of design, build and construction, but there are also a few more unusual responsibilities that you need to be aware of, from site access to drinking water.

Controversial plans to build more than 280 student flats are on a Norwich car park have been rejected, after neighbours made pleas for the scheme to be turned down.

Whichever way round it is, I generally try to avoid watching this genre of TV programme for the simple reason that I work long hours anyway and this would be like taking work home with me. But the other day, in a weak moment, I found myself watching one about the older couple who, needing to supplement their pensions, bought an eight-bedroom HMO (House in Multiple Occupation) in a generally high-yielding rental town (aka economically challenged).

A city centre apartment block is charging £15,000 for parking spaces as it sells almost 200 new homes.

A decision will be made next week over whether more than 280 student flats can be built on a Norwich car park - with neighbours urging councillors to turn the application down.

Campaigning Costessey residents are delighted after a highly-contentious plan for 83 homes in the River Tud Valley was unanimously rejected by councillors.

We’ve mapped the latest price paid data from the Land Registry Office to give a snapshot of the Norfolk property market.

A controversial plan for 83 homes in a river valley has been recommended for approval despite attracting hundreds of objections.

He was immortalised in a song by The Beatles and has a blue plaque commemorating him, but now one of Norwich’s most celebrated Victorians is to lend his name to a new tower taking shape in the city.

Norwich has been named one of the top property hot spots of the year.

The chancellor’s autumn budget delivered on November 22 focused very much on boosting the UK’s productivity and building greater self-sufficiency given the UK’s impending exit from the EU, states Jon Hook, from Norwich Accountancy Services.

The properties may have closed, but controversy surrounding two former MJB hotels in Norwich continues.

Multi-million pound bids have been lodged to kick-start two major Norwich developments of hundreds of homes.

Meet the Editor

Caroline Culot

Email
Twitter

I am the property editor in charge of delivering some exciting and informative content within Archant’s varied titles. We have 16-17 pages of stories, features and columns in the EDP Property supplement out every Friday free in your EDP so please don’t miss it.