Leg up for first-timers
WITH the average age of a first-time buyer in England now 33 – and 37 in London – there’s a whole generation of young people struggling to understand how to get on the property ladder and where to turn to for advice. Everything has changed since their parents’ days, when mortgages were relatively straight forward and – crucially – deposits were in the hundreds of pounds rather than several thousands.
The Government’s Help To Buy scheme has benefitted many by lowering deposit requirements and providing a 20 per cent loan (40 per cent in London) but this ends in March 2021 and will be replaced by a scheme with regional price caps that will only be available for first-time buyers.
It will no doubt be one of the many subjects discussed at tomorrow’s First Time Buyer Home Show in Stratford’s Old Town Hall in east London.
Although it will focus on London properties, visitors to the free show will be able to ask about mortgages, finance and the buying process as well as home-buying schemes such as shared ownership.
First time buyer Nick Willoughby, 38, used Help To Buy to get his first foot on the housing ladder when he bought a onebedroom apartment at The White Building in Basingstoke, Hampshire.
“I felt stuck in the rental trap as it was hard to save while spending so much each month on rent,” says Nick, who runs a media production company in Basingstoke.
“In the end, though, it was much easier than I was expecting as I only had to save up a 5 per cent deposit, which was boosted a bit more by a special offer from Barratt.”
Barratt Southern Counties renovated the art deco, former Eli Lilly factory to create new-build apartments with period features, including a restored entrance and lobby with wood panelling, terrazzo flooring, sweeping staircases and unobtrusive lifts.
The renovated building has 96 one and two-bedroom apartments in 36 styles, including family-sized, dual-aspect and loft-style apartments. It is at the centre of Barratt’s Chapel Gate development on the 25-acre site, with flats still available from £189,995 for a one-bedroom, first-floor flat with a parking space (0333 355 8498; barratthomes.co.uk).
While Nick bought his apartment off-plan, before it was even built,Timothy and Katarzyna Gniedziejka – first-time buyers at 49 and 46 – bought their new semi-detached, three-bedroom home after signing up for alerts from developers.
The couple had always rented before moving to Millwood Designer Homes’
Heatherlands development in Heathfield, East Sussex. “I signed up to the newsletters from developers building in the area and one of those was Millwood,” explains Katarzyna. “We saw that they were opening a new show home in Crowborough.
“We were really impressed with the show home and thought the woodland setting was beautiful but we were keen on staying local, so a member of the sales team suggested we visit Heatherlands.We took a trip over to that show home and we fell in love.”
Heatherlands is within the HighWeald Area of Outstanding Natural Beauty in a small village 10 minutes from Heathfield.
It has three, four-bedroom homes and three, five-bedroom houses still available, from £479,950 (01435 220435; millwooddesignerhomes.co.uk).
But if there’s one thing the couple’s experience has proved, it’s just how much footwork is needed to buy a home, whether it’s your first or not. So if it’s your first time, take a trip to Stratford tomorrow.Visit ftbhomeshow.com for more information.