A government initiative is helping thousands of families in Essex to get on to the housing ladder. New figures released by the Homes and Communities Agency (HCA) reveal that a total of 10,055 homebuyers in the county used the Help to Buy scheme since it launched seven years ago.
Within the county the districts which made the best use of the scheme were Colchester (2,195), Thurrock (1,635) and Chelmsford (1,010). Of the total amount of homebuyers that benefited from the scheme, 8,206 were first time buyers.
Local housebuilder Barratt and David Wilson Homes has a number of popular developments in the county are encouraging homebuyers throughout the county to take part in the popular scheme which has already helped tens of thousands of people across the country to buy a brand new home.
The scheme enables buyers to put down just five per cent as a deposit for their new home and to take advantage of a government equity loan providing access to more affordable mortgage rates.
Annette Hurst, Sales Director at Barratt and David Wilson Homes Eastern Counties, said: “Essex has produced some strong results for the Help to Buy scheme and it is great to see districts such as Colchester achieving such high figures for the scheme in the county.
“Help to Buy has proved so helpful to so many homebuyers and we would encourage anyone looking to buy a home with lower upfront costs to get in touch.”
Help to Buy allows any homebuyer 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.
Currently available to all homebuyers, not just first timers, the scheme helps anyone looking for a boost up the property ladder, however, Help to Buy will be changing in 2021 with more restrictions in place.
On the Barratt and David Wilson Homes websites there is more information on Help to Buy –https://www.barratthomes.co.uk/offers/help-to-buy/ or https://www.dwh.co.uk/offers/help-to-buy/ – together with a handy calculator which shows how much people can borrow using the scheme.
Barratt and David Wilson Homes Eastern Counties is currently building quality homes at a range of developments in Essex including High Elms Park in Hullbridge, Blackwater Reach in Southminster, Corinthian Place in Burnham-on-Crouch and St Andrew’s Gate in Halstead.
Breakdown of total Help to Buy sales within Essex since the scheme launched in April 2013: