As the property market reaps the benefits of a gradual lift to lockdown, developer Vistry Yorkshire has seen a rise in Help to Buy inquiries.
Just over half (around 59 per cent) of inquiries from those looking to buy over the past month has been about the incentive; which is open to first time buyers, existing homeowners and key workers.
The easing of lockdown restrictions has seen a pent-up demand for new homes, says the house builder – which has re-opened its sales offices across under social distancing guidelines at its East Riding, South and North Yorkshire developments.
Sales director at Vistry Yorkshire (formerly Linden Homes East Yorkshire) Steve Woomble said: “Lockdown has given many people the time to think about their next – or even first – house move and how they are able to do that safely and quickly. They have had the opportunity to sit at home and thoroughly research their preferred location and the cost-curbing incentives available.
“We have definitely seen a rise in Help to Buy inquiries, and buyer activity is being spurred by a pent-up demand after the market was effectively put on hold for two months.
“What this latest surge in interest has shown is that the inquiries we are getting from potential customers; either in person at our sales centres or through our other communication channels, are from serious buyers.”
Here’s how Help to Buy works: customers require a minimum five per cent deposit. The government will l end you up to 20 per cent of the value of your property through an equity loan, which can be repaid at any time, or on the sale of your home. Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society. The maximum home purchase is £600,000.
For example, if the new home price tag is £210,000, buyers would get £168,000 (80 per cent), from their mortgage and the cash deposit) and would pay back £42,000 on the loan (20 per cent).
Vistry Yorkshire has also announced an extension to its key worker package scheme. It already runs an attractive purchasing package for key workers but has now been extended to include all those who signed up for the NHS volunteer scheme at the start of the pandemic - as well as all those newly classified by the Government as key workers in the battle against the coronavirus.
The scheme offers a special deal which includes £500 off for every £25,000 of the purchase price and flooring up to the value of £3,000 – and as a new-build property these could be combined with access to Help to Buy. The extended scheme is in place for the rest of 2020.
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