St. Modwen Homes has revealed that, on average, the housebuilder is securing 60 per cent of its monthly sales at Locking Parklands under the Government’s Help to Buy scheme.
Proving hugely popular with first time buyers, Help to Buy allows potential purchasers to buy a two bedroom house at Locking Parklands (Weston-super-Mare) with a deposit of just £8,275, much lower than the national average of £25,000.
In January alone, St. Modwen Homes secured five of its eight sales at Locking Parklands under Help to Buy (all five of which were first time buyers).
Bev Hall, Sales and Marketing Director at St. Modwen Homes said: “At Locking Parklands, the majority of our sales are now taken under Help to Buy, particularly amongst first time buyers who are attracted by the low deposits needed under the scheme.”
Available to all househunters buying a home under £600,000, Help to Buy allows purchasers to only pay for 80 per cent of the listed price of a new house (made up of a 75 per cent mortgage and a five per cent deposit) as the Government will lend up to 20 per cent of the property’s value through an equity loan. Purchasers however, will still own 100 per cent of the house.
Bev said: “Whilst Help to Buy is available to people on all stages of the property ladder, the scheme has definitely seen the most success amongst first time buyers. Last month, the Government revealed that 80 per cent of all Help to Buy reservations are from those people buying their first home. In light of this, we’re making a conscious effort at our developments to ensure second steppers are also aware of the scheme and the benefits it can bring.
“Help to Buy can offer families a great opportunity to move into a larger property at a much lower cost. For example, the four bedroom Holly house type at Locking Parklands can be purchased with a deposit of less than £13,000, giving people a fantastic opportunity to move up the property ladder the affordable way!”
Help to Buy is currently available at all of St. Modwen Homes’ sites across the UK, including Locking Parklands in Weston-super-Mare and Littlecombe in Dursley, which is located just 25 miles from Bristol and easily commutable via the M5.
The housebuilding brand of St. Modwen, the UK’s leading regeneration specialist, St. Modwen Homes currently has five active sites located across the UK. Last year, St. Modwen Homes was named Best Small Housebuilder at the national Housebuilder Awards, as well as receiving the top accolade for its house designs at Locking Parklands.
Currently, there are a range of house types available at Locking Parklands including two, three and four bedroom houses, all positioned around open green spaces and mature woodland. The properties start in price from £165,500 for a two bedroom house up to £259,950 for a four bedroom semi-detached home. When complete, the development will also boast approximately 650,000 sq ft of employment space, including a 30,000 sq ft Innovation Centre.
The marketing suite, located off Farnborough Road in Locking, is open for visitors seven days a week between 10am and 6pm. For further information please call the St. Modwen Homes sales team on 0844 243 4848 or visit www.stmodwenhomes.co.uk