Canny buyers catch on to scheme
High take-up rate of the help-to-buy initiative across Bucks
MORE than 1,300 people have taken advantage of the government-backed Help to Buy scheme in Bucks – the second most popular county for the initiative in the south east.
Overall as a county, Buckinghamshire with a total of 1,315 homebuyers falls into second place just behind Hampshire which boasts 1,687 ‘Help to Buyers’ using the scheme since it was launched two years ago.
It is also home to the top two performing areas in the south east of England after figures released by the Homes and Communities Agency reveal that homebuyers in Milton Keynes and Aylesbury Vale have made the best use of the Help to Buy scheme with 621 and 539 sales recorded respectively.
However, the scheme has not been successful in South Bucks and Chiltern with 17 recorded in South Bucks and 16 recorded in Chiltern during the last two years.
Local housebuilder Barratt Homes North Thames is encouraging homebuyers throughout all parts of Bucks to take advantage of the scheme.
Sales director for Barratt North Thames, said: “Buckinghamshire has produced some fantastic results for Help to Buy and is great to see two local authorities achieving such high figures for the scheme in the South East. Help to Buy has proved so helpful to so many homebuyers throughout the country and so we’d encourage anyone else looking to buy a home with lower upfront costs to get in touch.”
Help to Buy allows any homebuyer, not just first timers, to secure a new home under the value of £600,000 with 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 a 75 per cent mortgage.