Help Is At Hand For The Next Generation Of Homeowners
30 Nov 2020

For many, owning their first home is one of life’s most important milestones and a mark of success, according to a survey of first-time buyers.

However, nine out of 10 next generation homeowners questioned in a national poll said they would need guidance when it came to buying their first home, despite two thirds (65 per cent) claiming they knew the process well. 

And with a third of first-time buyers expecting to secure their first home sooner as a result of the pandemic, Vistry Yorkshire (part of Vistry Group) has some advice for those looking to move to a brand-new home.

Vistry Yorkshire sales director Steve Woomble said: “We know from research carried out earlier in the year around people’s financial habits during the first lockdown that many were spending less on non-essentials, with the average adult claiming to have saved £495 a month.

“Interestingly, almost half of those aged between 25-35 said they will put it towards a deposit on a house. 

“Whilst COVID-19 has clearly had an impact, many first-time buyers have been able to save more during lockdown and will benefit from the stamp duty holiday so are now in a stronger position to achieve their goal.

“We have some fabulous homes in great locations around Yorkshire, and we would reassure first time buyers that our sales team can guide them professionally through the process – there is no question that we have not been faced previously. 

“Buying your first home should be a joyous and life changing experience, and we want to make that journey as stress-free as possible for the next generation of homeowners.”

What you need to know as a first-time buyer:

  • • When it comes to choosing your location, the developer’s website is the first port of call. Vistry Yorkshire offers detailed local area information; including nearby amenities, commuter times to key areas and recreational and leisure opportunities.
  • Making an appointment to speak to sales executives is easy, and during these uncertain times; phone calls, video messaging and virtual tours of show homes and other areas of the development are easily accessible. 
  • According to the research, saving for a deposit (32 per cent) was among the top three causes for concern for potential first-time buyers. However, through the Help to Buy scheme customers require a minimum five per cent deposit. The government will lend 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.
  • The Government has announced a Stamp Duty holiday on all homes up to £500,000 until 31 March 2021, which means you could save up to £15,000.
  • If you are a key worker, Vistry Yorkshire’s key worker scheme now includes those working for the NHS, Extended until the end of the year, the scheme 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.
  • Vistry has access to financial partners to help secure your mortgage. See this step by step guide https://www.lindenhomes.co.uk/online-mortgage-checker

For details of where Vistry Homes is building locally visit here.

-ENDS-

Contact: Cetti Long, Media Matters, 01733 371363; cetti@mediamatters-pr.co.uk

All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale. Please check with our sales consultants for details of the exact specifications available at the development(s) for each type of home and the associated prices.