St. Modwen Homes, the housebuilder behind the Locking Parklands development in Weston-super-Mare, has welcomed those proposals outlined in this week’s Budget that are aimed directly at helping people move up the property ladder.
Chancellor George Osborne announced that the Government will be launching a new equity loan scheme, named Help to Buy, which is open to all purchasers, whether first time buyers, second steppers or downsizers.
Guy Gusterson, managing director of St. Modwen Homes said: “The launch of the Government’s new equity loan scheme, ‘Help to Buy’, builds on the success of the existing ‘FirstBuy’ scheme, which has been hugely beneficial in helping many first time buyers get onto the property ladder, and opens up the opportunity to a wider range of purchasers.”
Under Help to Buy, purchasers will be able to secure a new build home with a deposit of just five per cent. The Government will lend househunters up to 20 per cent of the value of the property through an equity loan, which needs to be repaid within the mortgage term, or on the sale of the property. Purchasers will need to secure a 75 per cent mortgage from a bank or building society.
At Locking Parklands, househunters will be available to buy a three bedroom property, priced at £219,500 for just 80 per cent of the price (equating to £175,600) and with a deposit of £10,945.
Guy continues: “The great benefit of this new scheme is that it allows people on all rungs of the property ladder to take advantage of the lower deposits, meaning that families and those who previously thought they were trapped in their current property can now take the next steps in purchasing their dream home. Additionally, removing the salary cap of £60,000 will also help open the scheme up to many more prospective purchasers.”
Previously, the Government’s equity loan scheme FirstBuy was only available to first time buyers where the purchasers earned below £60,000 per annum.
Guy said: “At our sites across the UK, we have already seen the advantages that equity loan schemes can have in helping people to buy new homes and we had a very successful year achieving housing sales rates well above the national average. This move by the Government to introduce a new house buying initiative should be widely welcomed. All St. Modwen Homes’ properties are priced under the £600,000 threshold, so we will certainly be delighted to introduce the scheme at all our developments very soon.”
Locking Parklands boasts a range of homes aimed at people on all stages of the property ladder. Individually designed, the houses boast a variety of stand-out features including full height central windows, balconies, pitched roofs and outstanding views across the natural woodland setting. The properties also benefit from spacious rooms and higher than average ceilings, along with designer kitchens and bathrooms. All the homes are being built to Code for Sustainable Homes Level 4, meaning they are 25 per cent more energy efficient than current building regulations require.
The latest phase of Locking Parklands, The Meadows, is due to be launched to the public later this month and will deliver a mixture of two, three and four bedroom homes and apartments, starting in price from just £129,995.
The new Help to Buy scheme will be launched by the Government on 1 April 2013. For further information on how St. Modwen Homes could help you buy a property at Locking Parklands, visit the marketing suite, located off Farnborough Road in Locking, which is open for visitors seven days a week between 10am and 6pm, or call the St. Modwen Homes sales team on 0844 243 4848. www.lockingparklands.co.uk