The Government’s Help to Buy scheme alongside the recent reduction to stamp duty fees has both up-sized and up-scaled the types of properties that first-time buyers can afford. Following the popularity of the Help to Buy scheme, Crest Nicholson’s riverside development in Woolston, Centenary Quay, has released further properties available to purchase through the scheme.
Previously restricted by low budgets and rocketing house prices, aspiring home owners were limited to smaller properties that were in need of renovation work. However, Help to Buy is enabling the first-time buyer’s budget to stretch much further. Once relegated to the lower end of the property market, Help to Buy provides first-time buyers with more choice on where they live.
Purchasers need just a 5% deposit to buy a new Crest Nicholson home and a mortgage of only 75% of the value of their new home. This means buyers will pay just 80% of the property price now. With the initiative available on properties in England up to the value of £600,000, the dream of home ownership is a reality for those who may have previously felt it was out of reach.
Furthermore, following the recent Government announcement that stamp duty will be cut for 98% of those who pay it when combined with Help to Buy, means purchasing a first property is more affordable than ever before. With the introduction of a banding system individuals could make significant savings of up to £4,000.
The impact of being able to afford a property as a first-time buyer has potentially reduced the number of steps that must be taken before reaching the position of purchasing their home. When a first property is equipped with high quality finishing and generous living space, such as those available at Centenary Quay in Southampton, where a £120,000 one bedroom apartment would cost £150,000 without the scheme, it’s the optimum setting for a stylish first pad.
Susan Young, Sales and Marketing Director at Crest Nicholson Regeneration, explains: “Currently, Help to Buy is only available on new build properties, offering potential house buyers a head start. Whilst the Government funding amounts to £12billion, the pot isn’t limitless and there is a chance that it will run out before its three year expiration period.
“Help to Buy has created unparalleled demand for homes, so we would recommend house buyers who are thinking of using the scheme to discuss their options with a financial advisor sooner rather than later so that they have a greater choice when it comes to choosing their property. Combined with the announcement that stamp duty will be cut for 98% of individuals, now really is an exciting time for prospective purchasers to start looking for their first home with Crest Nicholson.”
Prices at Centenary Quay start from £150,000 for a one bedroom apartment or £199,000 for a two bedroom apartment. For more information, please contact the Sales & Marketing Suite, off Victoria Road, Woolston, Southampton SO19 9EG on 0870 758 0432 or visit www.centenaryquay.com.