NHS workers are given a helping hand with house buying

NHS workers across the NorthEast have received more than £650,000 towards a deposit on their dream home thanks to the Barratt Developments NHS Deposit Contribution Scheme.

Launched by the housebuilder in May, the initiative involves NHS employees receiving a 5% contribution towards their deposit, up to £15,000, to help them buy a new home as a thank-you for their hard work during the COVID-19 crisis.

A total of 77 homes have been purchased using the schemes of arthroughB arratt Developments North East, with a combined deposit boost value of £672,278.

The incentive can also be used in conjunction with the Government’s Help to Buy scheme and 72% of these purchasers have taken their first step on the property ladder.

Carl Sobolewski, managing director at Barratt Developments North East, said: “It’s brilliant to see that so many NHS workers in the North East are making use of the NHS Deposit Contribution Scheme.

“The National Health Service has worked incredibly hard during the COVID-19 pandemic and we are really pleased that the scheme is already benefiting those who deserve it the most.

“Our NHS scheme is one of many incentives that are available to prospective home buyers and with low interest rates and Stamp Duty being scrapped, it’s an ideal time for buyers to purchase their dream home.”

It is estimated that the scrap ping of Stamp Duty for all house purchases under £500,000 until March 31, 2021, will benefit nine in ten homebuyers in England and Northern Ireland, saving £4,500 on the average purchase.