HOUSE buyers in Thurrock are taking up the government-backed Help to Buy scheme, while Essex has secured the highest number of scheme participants in the East of England.
Figures released by the Homes and Communities Agency (HCA) show there were 1,591 Help to Buy sales registered in Essex in the last two years, almost 200 more than second in the poll Bedfordshire, and more than 1,000 more than neighbouring county Suffolk, which had just 447 Help to Buy purchases over the same period.
Barratt Homes Eastern Counties said the scheme has been a huge success in Essex. Jason Colmer, Sales Director for Barratt Homes Eastern Counties, explained: "These figures demonstrate a fantastic success story for Help to Buy in Essex. Its popularity means that homebuyers in the region have really made the most of this government funding which has helped them onto or up the property ladder. Of course a lot of these results will depend on the availability of new homes in these specific areas but the figures certainly help give us an idea of where Help to Buy has proved most useful."
Help to Buy allows homebuyers to secure a brand new home under the value of £600,000 with just a five per cent deposit. The government lends the buyer 20 per cent of the value of the property in the form of an interest free equity loan for five years, meaning that buyers then gain access to some of the great mortgage rates currently available with just a 75 per cent mortgage. Available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder.
Mr Colmer added: "With lower upfront costs as well as more affordable monthly mortgage payments for homebuyers, Help to Buy continues to be a very affordable way to buy a brand new home. Whether you are a first time buyer struggling with the size of deposit to get onto the housing ladder, or you need to move into a bigger home, the scheme removes much of the upfront costs associated with buying a brand new home. For example, for homebuyers in Basildon, Help to Buy means that homebuyers can buy a three bedroom home at our Gloucester Gate development for as little as £13,750."
Breakdown of Help to Buy sales in Essex
Colchester: 410
Thurrock :250
Basildon: 223
Harlow: 115
Chelmsford: 111
Uttlesford: 96
Tendring: 92
Rochford: 73
Brentwood: 65
Braintree: 63
Castle Point: 41
Epping Forest: 29
Southend on Sea: 18
Maldon: 5
TOTAL
1,591
