Following the re-opening of the property market in May, at Millwood we have witnessed a particular surge in the demand for properties available to purchase through the government’s Help to Buy scheme. This has been especially prevalent at our Surrey development, Cherry Tree Lane where, over the past few weeks, five out of six sales have been through the scheme, enabling buyers to reserve with just a 5% deposit.
Prior to lockdown, Cherry Tree Lane had seen no Help to Buy purchasers, making this surge in sales with the scheme even more noticeable. This has reflected the nationwide feeling that, while people are eager and ready to move, a financial boost is needed, and people are keen to take advantage of the benefits such schemes bring.
At Cherry Tree Lane, every property priced under £600,000 is available through Help to Buy, allowing purchasers to take advantage of the 20% equity loan available from the government. With the Help to Buy scheme due to be restricted to first time buyers from next year and phased out altogether in 2023, the opportunity for buyers to take advantage of it is limited.
Speaking of the increase in buyer demand, Roger Coupe, the estate agent working with Millwood at Cherry Tree Lane, says: “This increase in buyer activity is certainly spurred by pent up demand after the market was effectively shut down for two months, but it is interesting to see how this return to the market is playing out. People may have been sitting at home during lockdown with time to research what they want – for example many people seem more knowledgeable about Help to Buy and the boost it can offer buyers.”
Set on the edge of the charming village of Ewhurst, Cherry Tree Lane ticks the box for many things that buyers are looking for in a post-Covid era. The peaceful, semi-rural location close to the Surrey Hills AONB appeals to those who have come to value the outdoors following lockdown, whilst the amount of space and sense of community are perfect for those looking for a change of lifestyle.