If you’re thinking of buying a house or apartment in Southampton, you will probably be aware of the Government’s Help to Buy scheme. The scheme, introduced in two parts, is designed to make it easier for people to buy a home.
Part two, introduced in October, broadens the scheme, so for the first time homebuyers can use Help to Buy to purchase either a new build home or a second hand home.
Help to Buy part one was a Government led equity loan scheme – allowing potential buyers to borrow money from the Government interest free for a period of time to purchase a new build home.
But Help to Buy Two is a mortgage guarantee scheme designed to encourage banks and building societies to lend to more buyers. Its aim is to enable people with a small deposit to buy a home or move to another property: And this can be either a new build or second hand home.
So those who want to take advantage of Help to Buy* – or in fact anyone thinking of moving house or becoming a home owner – now have a dilemma: Which is better value, a new build home or an older home?
From the start the new build homes offer a lot of advantages:
Each property from Linden Homes, for example, comes with brand new, fully fitted kitchens and bathrooms. The floors in these rooms are finished in vinyl, with carpet fitted to the remaining rooms in the apartments available at Alexander Place in Southampton. The kitchens include integrated washer/dryer, hob, oven and extractor fan and fridge/freezer. So that’s immediately one cost you can remove from the expense of buying the home, and the cost of the move itself.
The kitchen appliances are also guaranteed, as is the building: Every Linden Home comes with a ten year builder’s warranty and a two year customer care warranty. So there is peace of mind there too.
But these are short term issues and concern the initial costs of buying, moving to and refitting a new home. What about the long term implications of buying a new home instead of an old one?
The issue of escalating domestic energy bills is hitting the headlines regularly at the moment. The price rises have recently led to the chief executives from the UK’s top six largest UK energy companies facing questions from MPs on the Energy and Climate Change Committee to explain their recent increases.
OFGEM, the energy regulator claims some of the increases are unnecessary while the energy companies blame wholesale costs.
However, while OFGEM dismisses these claims, the regulator does admit that wholesale prices WILL rise significantly in the coming winter months and predicts an 8% rise in gas prices and a 13% rise in electricity.
Tina Chalk, marketing manager at Linden Homes Southern explained: “Whatever the cause of energy bills rising, it is all adding up to constantly rising monthly outgoings. And when you do the maths and compare the costs of powering and heating a new build home to those of an older property, it becomes obvious that the new build home generates significantly smaller bills.”
The New Homes’ Marketing Board estimates that new homes are up to six times more energy efficient than their older counterparts. They are better insulated, and have energy saving fittings such as double glazing and water meters.
And, according to recent figures from the National House Building Council, new energy efficient homes could cut annual bills by more than half.
For example, a typical four bedroom Victorian house costs, on average £2379 a year to run. The new build four bedroom equivalent costs just £1067. A one bedroom ground floor Victorian conversion will cost £915 to run – a new build equivalent just £489.
If you are thinking of buying a home or moving house in the heart of Southampton – with or without Help to Buy - it is well worth considering a new build home.
Linden Homes has a number of apartments available at Alexander Place, part of the Park Centrale development off The Avenue. There are one and two bedroom apartments, solo apartments and four bedroom town houses available.
For more information on Alexander Place at Park Centrale, or for more details of Help to Buy and the energy efficiency of our new homes, please call 0845 602 3892 or visit the marketing suite situated on Carlton Road. The suite is open daily from 10am to 5pm (4pm on Fridays).
For further information, contact Claire McCowan or Emma Cox at Remarkable Group on 01962 893893.
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.