Linden Homes announces findings from second Help to Buy Barometer
April 1 marked the anniversary of Help to Buy launching to market. Now, three years since its inception, thousands of buyers have benefitted from the Government- backed scheme designed to help people buy their first or next home. In fact, since the scheme launched, 73,8131 buyers have used the scheme to secure a new build property using the tried and tested equity loan scheme.
To mark the anniversary, Linden Homes has announced findings from its own quarterly Help to Buy barometer2 – the second instalment of its kind – reviewing the effectiveness of the scheme and establish where it has been most highly adopted across the country.
The most recent index published this quarter indicates that Help to Buy still equates to approximately a third of Linden Homes’ sales, with 30 per cent of the company’s buyers now using the scheme.
During the last quarter, for the second time in succession, the Midlands region has seen the highest volume of Help to Buy sales across the Linden Homes group, with the scheme accounting for over half (51 per cent) of all sales for that area.
The Midlands also had the highest level of Help to Buy sales relative to overall sales, followed closely by the Western region and the Eastern region with Help to Buy accounting for 43 and 42 per cent of sales during the last quarter respectively.
During the last quarter, over two thirds (68 per cent) of all Linden Homes’ Help to Buy purchasers were first-time buyers. With figures confirming lower than the national average of 81 per cent of first-time buyers, (HM Treasury / DCLG report March 2016), this illustrates the scheme’s ability to get people moving up the ladder as well those buying their first home. Interestingly, the highest proportion of first-time buyers of Linden Homes properties using Help to Buy were purchasing properties in the South East, with the majority of those using the brand new Help to Buy London scheme. This initiative specific to selected London developments, differs slightly in offering buyers the opportunity to lend up to 40 per cent of the property value whilst the buyer secures at least a 5 per cent deposit.
During the past quarter, the average price of Help to Buy properties from Linden Homes increased up to £379,588, an uplift from £269,674 the previous quarter.
For the second quarter running, Nash Mills Wharf in Hertfordshire was Linden Homes’ most popular development for Help to Buy, along with Linden Park in Bristol, followed closely by another new entry, Edge in Harlow, Essex.
Nigel Palmer, regional managing director at Linden Homes South West commented on the second instalment of the barometer: “We wanted to track the Help to Buy scheme to see how it is working across our group and monitor where it is proving most popular. It’s really interesting to identify emerging trends and gain reassurance that the scheme is continuing to assist so many buyers across the country.”
Nigel continued: “We have seen over 1,800 people use Help to Buy to purchase their dream home, so it is working across the breadth of our business too. It’s also interesting to see the effect Help to Buy London has had on the South East market; reinvigorating the capital and surrounding areas.”
To see how much you can afford with the scheme using Linden Homes’ Help to Buy calculator, and where applicable developments are near you, please visit lindenhomes.co.uk/helptobuy
Help to Buy is available across a number of Linden Homes developments including:
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Media can contact Emma Cox or Kelly Ward at Remarkable Content on 01962 893893 for more information, images and interviews with Linden Homes.
1 HM Treasury / DCLG report published 10 March and includes all purchases up until 31 December 2015
2 Help to Buy Barometer reviewed all legally completed purchases of Linden Homes properties since the Help to Buy scheme launched in April 2013 up until Thursday 24 March 2016 with quarterly figures representing January – March 2016.
References to “we”, “us” or “our” are to the part of the Vistry Group (including Linden Homes, Bovis Homes, Countryside Homes, Drew Smith, Vistry Ventures or one of Vistry’s joint venture companies) from which you are intending to purchase a new home. References to "you” and “your” are to the prospective buyer or buyers of a new home from us.
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