Logo

Want to use Help to Buy? You still have time.

PUBLISHED: 09:01 26 November 2018

Pic: www.gettyimages.co.uk

Pic: www.gettyimages.co.uk

Important news for future house hunters contained in October’s budget was that the government’s Help to Buy scheme is to be extended – but only until 2023.

Richard Aldous, estate agent at Savills. Picture: www.archant.co.ukRichard Aldous, estate agent at Savills. Picture: www.archant.co.uk

Help to Buy has been a key driver of the new homes market and is currently open to existing homeowners as well as people taking their first step on the ladder. However, this will change from April 2021 when the new Help to Buy Equity Loan scheme kicks in. The new initiative will run for a further two years and will only be available to first time buyers and for houses worth up to a new regional price cap, rather than the previous £600,000 limit. In the East of England that figure is £407,400.

The government has stated that it does not intend to introduce a further Help to Buy Equity Loan scheme beyond March 2023, which does beg the question of what happens after that. Housebuilders have effectively been put on notice that they will no longer have a government-backed safety net and will have to be more forensic about what they deliver and where they build it.

That has the potential to stall the growth in house building unless we have a package of measures that support more house building across a wider range of tenures. Incentives for housebuilders to diversify on large sites, which has been proposed by the Letwin review, will need to have a compensatory effect if the government is going to have a chance of meeting its objective of delivering 300,000 homes a year.

In the meantime, we may well see a spike in Help to Buy purchases among those keen to trade up while they still can before the current scheme comes to an end.

To recap, at the moment, you don’t have to be new to the property ladder in order to buy through the scheme, something some people may not realise. For participating developments you only need a 5pc deposit (£10,000 for a house worth £200,000), with the government lending 20pc of the cost and the rest made up of a 75pc mortgage. You won’t be charged fees on the 20pc loan for the first five years either. The scheme is available at the housebuilder or developer’s discretion.

For more information about the new homes market in Norfolk contact Richard Aldous at Savills Norwich on 01603 229222 or raldous@savills.com

Savills has sponsored this column.

Latest Property Articles

More than 400 new homes are to be built in Norfolk over the next three years, as County Hall begins building and selling houses for the first time to raise millions of pounds.

The £45m revamp of two huge towers in the heart of Norwich into homes for 700 students is on track to be completed by September next year.

Time is running out for people to have their say on where thousands of new homes could be built in and around Norwich over the next two decades.

Plans have been lodged to create a seven-bed student shared house in Norwich.

Council bosses looking to build houses and, potentially, a swimming pool in Norwich are facing a race to get the site decontaminated or they could have to pay almost £1m back to the government.

A Norfolk group chief executive has criticised ‘ridiculous’ lending criteria after he was forced to pull out of buying a city centre penthouse because he could not get a mortgage.

Reports in the national press have highlighted a slow-down in the housing market during these uncertain times. However, demand for new homes in East Anglia remains strong. Edward Parker, from Bennett Homes, discusses.

If you are thinking about selling your home in the New Year, you may want to make sure you have the right paperwork, records and certificates in place in order to make the process smoother. Being prepared for any potential enquiries will help to avoid delays along the way. Sharron Tennant, from Spire solicitors, discusses.

Looming on the horizon are some most unwelcome changes in the way that UK taxpayers will have to report and pay for capital gains tax (CGT) on residential properties in the future. Jon Hook, managing director at Norwich Accountancy Services, discusses.

A team of volunteers is sought to help celebrate the history of Anglia Square, after a community project was awarded a National Lottery grant of more than £50,000.

Since its Christmas – well nearly – and we haven’t had much cheer this year what with Brexit and all, here for your mild amusement is a lettings version of the 12 Days of Christmas, says Mike White from Martin & Co lettings in Norwich.

William H Brown held its last auction of the year yesterday at the Barnham Broom hotel. Managing director and auctioneer, Simon Arnes, reports on the firm’s sale.

The controversial plans to develop Norwich’s Anglia Square have been given the go-ahead and here’s a first look at what new homes in the development could look like.

The humble bungalow was once considered the house type that style forgot. But not any more. And with more people living longer and less bungalows being built, single storey dwellings have never been more popular. Whatever would Granny say?

The developer behind the £271m Anglia Square revamp has likened the scheme to Marmite - conceding that some people will hate it.

The controversial £271m redevelopment of Norwich’s Anglia Square has been approved by city councillors.

It would be an “abomination” if the £271m Anglia Square revamp is given the go-ahead, the Lord Mayor of Norwich has said, as councillors get ready to make a decision on the controversial scheme.

A family that had threatened to stage a protest at a Norfolk housing development over fears they could be homeless at Christmas have finally been promised the keys to their new home.

A decision on whether to grant permission for one of the most contentious and biggest planning applications Norwich has seen for years will be made today.

The controversial revamp of Norwich’s Anglia Square has the potential to create more than 500 new jobs, while people living in the new homes could spend up to £40m a year, council officers have said.

Designer Wayne Hemingway has joined the debate over the £271m plans for Anglia Square, urging city councillors to reject the proposals.

An estate agent who had to pull out of a city centre office said she has enjoyed her ‘best year ever’ at premises in the suburbs - as the debate continues over whether businesses are being driven out of Norwich.

A call for the government to make the final decision if councillors grant permission for the £271m Anglia Square revamp has been backed by civic watchdog the Norwich Society.

A fresh bid has been lodged over the future use of Norwich’s Grade II-listed Crystal House - and to build nine homes behind the back of the historic building.

Norwich is in danger of losing business investment because of a shortage of good quality commercial premises and an increasing number of road closures.

In today’s fast paced and technology driven society, it is essential to market your property in the most effective way, with the widest exposure. Sheron Harley, managing director of the Property Shop, discusses.

Developers behind plans for Norwich’s Anglia Square are hoping to be excused from paying almost £9m, if their proposals get the go-ahead.

Are you looking to sell a property quickly? Auction House, with four sale rooms in East Anglia, has the answer.

Hardwick House, one of the most impressive buildings in Norwich which is currently empty and boarded up, could become a pub as it goes up for rental after its £1.6 million sale falls through.

The controversial £271m proposal to revamp Norwich’s Anglia Square has been recommended for approval.

A controversial move to excuse some developers in Norwich from paying a levy of thousands of pounds is crucial if sites are not to stand derelict, council leaders have insisted.

More than £1m is to be spent to turn a block of offices into seven council homes.

‘Brexit is Brexit and people still want to move’ - that was the message from estate agents working in Norfolk and Suffolk who declare 2018 has been a better year for sales than 2017 despite new gloomy figures showing a 12 per cent fall in transactions.

He spent last winter homeless and on the streets but this Christmas a Norwich man will have a roof over his head after he has been helped by a charity.

Despite house prices rising, the number of properties sold has fallen; down by 12 per cent in Norfolk and 8 per cent in Suffolk compared with the same period last year, new figures reveal.

Important news for future house hunters contained in October’s budget was that the government’s Help to Buy scheme is to be extended – but only until 2023.

If you’re thinking about selling part of your garden land for development, there are several things to consider. Carolyn Bunn, from Spire Solicitors, discusses.

It is one of the most contentious and biggest planning applications Norwich has seen for years - the revamp of Anglia Square - and a decision is just weeks away. How did we get to this point? And what is being planned? Dan Grimmer reports.

A Norfolk couple who are house builders have won a national award at a ceremony likened to the ‘Oscars of the construction industry.’

It is a derelict, fire-hit site that has been sitting empty for a decade in Thorpe St Andrew.

Plans have been submitted to Norwich City Council to create a 10 bedroom house.

From bringing ‘ghost’ ponds back to life, to environmentally switched-on schoolchildren and energy-efficient social housing - projects in Norfolk have been celebrated with awards.

What’s the importance to a firm of feedback? Ben Rivett, of Savills’ Norwich residential team, discusses.

Situated at the end of a no-through road, you would never have reason to find this magnificent house, originally the home of an esteemed Norwich coroner. And yes, it really is on a hill! Property editor Caroline Culot had the joy of visiting Hill House in Bramerton, for sale for £2.5million.

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.