There’s hope for people wanting to buy a new home but have been struggling to raise a decent deposit, reports Bill Hearld.
THERE’S some good news for people who buy new-build homes in Yorkshire – they will see their deposits cut by at least £15,000 by using the government-backed NewBuy scheme, according to local housebuilder Barratt Homes.
Homebuyers taking on a property at £150,000 previously would have paid a 15 per cent deposit of £22,500, but with the five per cent deposit available with the NewBuy scheme, this is slashed to just £7,500.
Barratt, which has the NewBuy scheme available at its developments in Derwenthorpe, Osbaldwick, York and at Market Weighton – says the scheme is already proving popular with customers in the region and ten per cent of the company’s buyers are already using the new deal because of the lower deposit required.
Sales director Paul Hogan said: “We see this as a game-changer for the Yorkshire housing market. Creditworthy families who have put their plans to buy a new home on hold for the last few years can once again think of their future. It’s fantastic news for local homebuyers and the economy alike.
“Many have been frustrated with the huge deposits of 15 per cent or more needed on the open market, and the new scheme is enabling homebuyers to finally get moving.
Thanks to this scheme, the deposit needed for a new home has been radically reduced – customers can borrow more at a lower interest rate than was previously the case.
He added: “We’re beginning to see significantly more sales using this scheme and homebuyers’ confidence is growing. But it’s important to understand that the scheme only applies to new-build properties in the area and is not available for secondhand homes.”
NewBuy, the 95 per cent mortgage backed by the Government, means all buyers of new-build homes, not just first-time buyers, can take advantage of the reduced five per cent deposit.
Meanwhile, there’s an attractive new home opportunity in The Village, Haxby, near York.
J M Carr & Son in conjunction with Hilton Properties have started to build a five-bedroom, detached family property set in the heart of this sought-after village.
Designed by local architect Mark Tabert, the property sits on a goodsized backwater plot with large gardens and within easy reach of all village amenities. It will be finished to the highest of standards and will boast gas-fired central heating, UPVC double glazing throughout with engineered oak-wood flooring, solid oak doors and log-burning stove. It will go up for sale at £495,000.
Completion on the property is set for spring next year, with partexchange considered and LABC warranty.
It is well worth a look, so why not contact agents Stephensons, on 01904 409906.
And at David Wilson’s Bradley Park development in Market Weighton, sales have been spectacular and only three homes are left, so if you are interested, get in quick.
One of the homes on offer is Plot 1, the Renoir home, an impressive fivebedroomed detached property complete with double garage. The features include a contemporary breakfast kitchen/family room, spacious lounge with French doors leading into a landscaped garden and a separate dining room for more formal occasions.
Upstairs are four double bedrooms, with en-suite facilities to the guest bedroom, and the entire top floor is dedicated to the master bedroom which comes complete with dressing room and the second en-suite. The Renoir will cost you £339,995 and is ready to move into today.
For buyers with a home to sell, the Renoir can be bought under a partexchange scheme.
The part-exchange process is simple – choose a new home and the sales team will arrange for two independent professional valuations of the current property, then offer the average price. It is an ideal solution to aid the move from a house to a home. It means no hassle, no chain, no estate agents’ fees and no lastminute price haggling.
David Wilson Homes reckon Bradley Park to be its best-looking and most desirable development to date, with each of the homes being designed after extensive market research into what local people want. All of the individual homes have been named after famous artists.
The intimate development consists of just 39 homes, all of which are never-seen-before house types.
Katie Charlesworth, sales manager for Bradley Park, said: “The Renoir is a great example of why people love this development so much. It is a wonderful home which offers everything buyers would need and at a superb price.
“House-hunters searching for a five-bedroom home will struggle to find a better property than the Renoir, and the fact that they can simply exchange their existing home for five-star luxury is sure to seal the deal in record time.”
To book an appointment to view Bradley Park, call 0800 590733, open Thursday to Monday from 10am to 5pm, or visit www.dwh.co.uk