What help is available when buying a home?
PUBLISHED: 10:43 12 September 2017 | UPDATED: 10:43 12 September 2017
Joe Pattinson from Newbury New Homes talks about the financial aid available when purchasing a home and what’s included in the price.
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