More than eight-in-ten Help to Buy equity loans secured by househunters across Waverley have been at award-winning Linden Homes’ popular Riverside development in Godalming.
Since the government-backed mortgage support scheme was launched by Chancellor George Osborne in April last year, 30 (81 per cent) of the borough’s total 37 equity loans have been made there, according to the latest figures up to July 31st 2014.
Across England, 29,829 properties were bought (legal completions) with the support of the Help to Buy equity loan scheme. The majority of sales were to first-time buyers, representing 85% of total sales, and the average (mean) purchase price was £209,390.
Enviably located on the banks of the River Wey, Riverside is a leafy collection of traditional and very spacious two, three and four-bedroom homes, as well as two-bedroom apartments.
Its popularity was emphasised by separate official figures which show that take up of Help to Buy equity loans (also known as Help to Buy 1) in the Borough of Waverley in the year to June were worth more than a combined £2.59 million.
Thirteen Help to Buy 1 loans were agreed in Waverley in the fourth quarter of 2013, 11 in the first quarter of 2014, and eight in the second.
Help to Buy 1 is limited to new-build properties worth up to £600,000. With a government equity loan of up to 20 per cent of the value of the property, eligible buyers only need a five per cent deposit in order to secure a 75 per cent mortgage.
Natalie Flint, Linden Homes Guildford’s sales and marketing director, said: “The concentration of customers using Help to Buy at Riverside shows how much people want to live here, and they are seizing this opportunity.
“Buyers have also proved how game-changing Help to Buy can be. They’ve used it to secure sought-after properties at Riverside with excellent value, beautiful surroundings, and great connections for getting into London and further afield.
“The government is dedicated to maintaining Help to Buy but it won’t be here forever on such good terms with the banks. Our advice for buyers is not to take it for granted and seize the opportunity.”
Out of the 110 private homes being constructed at Riverside, 60 have been bought since arriving on the market in September 2013. They’ve sold fast and the two-bedroom apartments, which are already proving popular, have just been released.
Another option – known as Help to Buy 2 – applies both to new-build and existing homes and enables a five per cent deposit too, but this time with the government guaranteeing the mortgage provider on a proportion of the loan.
In common with all Linden Homes properties, each Riverside home comes with integrated kitchen appliances and flooring throughout as standard, plus a 10-year NHBC warranty and two-year customer care warranty for peace of mind.
To book an appointment or to find out more, call 0844 488 1984.
For further press information, contact Claire Cathersides or Claire Oakley at Remarkable Content on 01962 893 893.
08 September 2014