Linden Homes announces findings from Help to Buy Barometer
Findings of a Help to Buy barometer have been announced by one of the UK’s leading housebuilders, revealing that since the scheme launched it has predominantly helped key workers buy a brand new property.
The barometer which reviewed all legally completed purchases of Linden Homes properties since the Help to Buy scheme launched in April 2013, has shown that it has been most popular with teachers, making up 32 per cent of the top ten occupations of those who have used the equity loan. Other professions cited in the top 10 occupations which have used the scheme include police officers (14 per cent), nurses (14 per cent).
The barometer which is unveiled in the run up to the launch of Help to Buy London and celebrates its third anniversary on 1st April 2016, found that over a third (37.3 per cent) of all Linden Homes’ house buyers since April 2013 have used the Government-backed loan scheme to buy their new home.
69 per cent of Linden Homes’ Help to Buy customers were first-time buyers, demonstrating the value of the incentive in helping people get on the ladder. The highest proportion of first-time Help to Buy customers were in the South East of England including developments in Greater London and Kent, and the introduction of the London Help to Buy scheme looks to increase this figure further.
When looking at the percentage of sales attributed to Help to Buy in relation to the properties sold overall, Linden Homes’ Eastern region (covering Essex and parts of Hertfordshire), had the largest proportion of buyers using Help to Buy – making up 39.5 per cent of sales. The Midlands followed close behind with Help to Buy making up 35 per cent of sales since April 2013 and Hampshire and Dorset seeing 33 per cent of sales for Help to Buy.
Across the Linden Homes group, the average Help to Buy house price was £269,674. Regionally, the highest average price for a Help to Buy property was in Guildford at £407,107 whilst the cheapest average price was in the North at £192,455.
The scheme which has helped in excess of 1,500 people buy a Linden Homes property was found to be most effective at Linden Homes’ Nash Mills Wharf development in Hertfordshire where it has been used by 69 customers. Northfields in Colchester was the second most popular Linden Homes development for Help to Buy buyers across the UK, used by 63 buyers, whilst Saxon Gardens in Huntingdon was third seeing 48 buyers taking advantage of the Government scheme.
Andrew Richards, group managing director at Linden Homes commented on the study: “Help to Buy has assisted so many people – not only getting them on the ladder, but giving families that extra boost they need to move to a larger home to fit their family and lifestyle. It’s interesting to see the scheme has been most popular with teachers and other key workers who play such a valuable role in the community who have realised the value the scheme can bring them both short and long-term to own their dream home.
“We welcome the governments ongoing commitment to this key enabler and their decision to launch a 40% London Help to Buy scheme where above average house prices are still a hurdle for homebuyers.”
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
London Help to Buy is available at number of Linden Homes developments, including Corio, Bermondsey (02038 116272), Kings Row, Hammersmith (02038 117419) Pavilions, Wimbledon (02080 037323) and Waterside, Earlsfield (02087 129246).
Media can contact Emma Cox or Kelly Ward at Remarkable Content on 01962 893893 for more information, images and interviews with Linden Homes.
15 February 2016
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