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HELP TO BUY PROVES HUGE SUCCESS IN RUGBY

Help to Buy is proving a hit in Rugby, with 70% of purchasers now using the equity loan scheme at St. Modwen Homes’ Edison Place development, located off Technology Drive.

Last week, the government announced that Help to Buy is to be extended for another four years, meaning it will be available to househunters until 2020. 

Proving just how strong demand is for the scheme, St. Modwen Homes took an impressive three sales under Help to Buy on one day alone, following a special Help to Buy workshop led by the housebuilder earlier this month.

Under the scheme, people could buy a house at Edison Place with a deposit of just £10,750.

Bev Hall, Sales and Marketing Director at St. Modwen Homes said: “The low deposits available under Help to Buy can make all the difference in helping people to buy a larger house or get on the property ladder when they previously didn’t think it possible. The scheme has really taken off in Rugby and we’re now seeing the majority of our homes at Edison Place sold under Help to Buy each month.

“Not only has Help to Buy allowed thousands of people to get onto the property ladder, but it has also vastly increased confidence amongst both purchasers and sellers. This increased confidence has helped stimulate the housing market and I believe that the government’s decision to extend the scheme should be congratulated.”

Under Help to Buy, the government will lend up to 20 per cent of the value of a property through an equity loan. The purchaser will need only to obtain a mortgage for 75 per cent of the property, plus an upfront deposit of just five per cent. People will still own 100 per cent of their new home.

Bev said: “What many people don’t realise is that Help to Buy is available to purchasers moving into their second or third home, as well as first time buyers. In fact, recent government statistics showed that 80 per cent of all sales under Help to Buy were first time buyers so there is still much work to be done in raising awareness of the scheme amongst second steppers.”

New homes are currently for sale at Edison Place, starting in price from £214,995 (£171,996 under Help to Buy) for a three storey, three bedroom ‘Manhattan’ property, up to £276,500 (£221,200 under Help to Buy) for a four bedroom link-detached ‘Glenmont’ house. The Manhattan and Glenmont house types are both available to view as open houses at the development, along with the stunning Stilwell show home.

All the properties at Edison Place offer a contemporary and spacious layout with large windows whilst retaining some desirable, traditional features such as higher than average ceilings. Ideally situated off Leicester Road, Edison Place is located just 500m from Rugby railway station, with regular connections to London Euston and Birmingham Stations in 45 minutes.

The Edison Place marketing suite is located off Technology Drive and is open for visitors Thursday – Monday, inclusive of weekends, between 10am and 5.30pm (typical opening hours). For further information please call the St. Modwen Homes sales team on 0844 243 4646 or visit www.stmodwenhomes.co.uk