With plans for the London Help to Buy Scheme announced in the Chancellor’s Autumn Statement last week and the Help to Buy ISA launching today; John Elliott, Managing Director of Millwood Designer Homes says this is an ideal option for aspiring homebuyers and struggling Generation Renters needing a helping hand.
The Government-backed Help to Buy scheme has provided the largest single boost to the UK property market in recent times, and its importance will continue for the next few years. Latest figures from the government show that nearly 120,000 people have bought their own home since the scheme was introduced in 2013, with more than 90,000 of those first-time buyers. Help to Buy has been a very effective tool in the market as first time buyers have faced ongoing challenges of getting on the property ladder and it is good to hear that more homes will be built with this purpose in mind, particularly in London.
From today, first-time buyers will be able to take advantage of the Help to Buy ISA scheme as they save towards a deposit on their first home. It is a tax-free savings product offered by a range of banks and building societies in which the Government boosts the savings by 25% (up to a maximum of £3,000). It can be used to purchase any property costing under £250,000 or under £450,000 in London, with any mortgage product.
This year, we have launched our first product that is suitable for first time buyers at Woodlands View in Hastings where the Help to Buy Equity Loan scheme is available to help new buyers onto the property ladder. Through this and other initiatives, we want to enable our customers a greater range of financial packages to buy their ideal home as we look to bring our reputation for providing high quality homes to a wider audience.
At Woodlands View, a four bedroom house, which is normally priced at £315,000 can be purchased from £252,000 with Help to Buy at Woodlands View, with a deposit of as little as five per cent. For those looking at maximising the benefit by combining the Help to Buy ISA with the Help to Buy scheme, Woodlands View is an attractive proposition.
Situated on The Ridge in the cosmopolitan seaside town of Hastings just minutes from the Old Town, Woodlands View offers a range of one and two bedroom contemporary apartments and traditional two to five bedroom terraces, semi and detached homes. The homes blend contemporary and traditional vernaculars with a modern specification and the latest trends, which include stylish kitchens and contemporary bathrooms.
Hastings is situated on the south coast with Brighton & Hove and Royal Tunbridge Wells only an hour away. From Hastings station trains into central London take 75 minutes with direct services into Charing Cross, Cannon Street, Waterloo East and Victoria. There is also the introduction of High Speed rail links to Hastings in the pipeline.