With recent figures released from the RICS Residential Market Survey showing that new buyer enquires rose to their highest level in over three years last month, it is soon becoming apparent that developer incentives and Government-backed schemes, such as the new Help to Buy scheme, are making a substantial impact on the UK’s housing market.
Unsurprisingly, market leading heritage developer, City & Country, is expecting a high level of interest from buyers looking to utilise the new Help to Buy scheme, which they are now offering at two of their historic developments The Garden Quarter, in Bicester and The Galleries, in Brentwood.
Helen Moore, Managing Director at City & Country, comments: “We are delighted to be offering Help to Buy at our developments and to be able to give our customers the opportunity to live within one of our aspirational and unique Grade II Listed properties with a relatively small deposit. We appreciate that many buyers in today’s climate cannot afford to buy or move due to significant deposit requirements that are out of their reach. The Help to Buy scheme is an excellent way for City & Country to assist our customers, as they will only require a 5% deposit and pay just 80% of the market price today. We have already secured reservations at both developments to young first time buyers who would otherwise not be able to make their first step onto the property ladder. They have been absolutely delighted that purchasing through Help to Buy has allowed them to acquire a truly individual listed property at a more affordable price.”
The first part of the scheme, having launched in April, aims to provide loans for those struggling to find a deposit. This involves the Government lending 20 per cent of the property price, interest-free for five years, to those struggling to buy or move house, allowing purchasers to only need to secure up to a 75 per cent mortgage and a 5 per cent deposit, to purchase a new build property up to the value of £600,000.
City & Country is the first specialist developer of its kind to be approved under the Help to Buy scheme to help overcome the deposit gap that many buyers struggle with. Allowing those utilising the scheme to purchase a historic home priced at £250,000 at one of City & Country’s luxurious converted developments for just £200,000 today. The additional 20 per cent is provided by the Government as an interest-free loan for five years and is paid back in the same proportion of the eventual sale price.
Amongst the new properties eligible under City & Country’s Help to Buy scheme, is a selection of stunning one and two bedroom apartments at The Galleries, in Brentwood, Essex. The scheme is also being offered at the latest phase of unique one and two bedroom properties within the newly launched Chapel; providing a rare opportunity to purchase a home within a former place of worship. Interested purchasers are invited to call the sales suite on T: 01277 202 122, which is open daily between 10am and 5pm.
Help to Buy is also available at The Garden Quarter, in Caversfield, and at the Grade I Listed Mansion House at Balls Park in Hertford. The Garden Quarter, a Grade II Listed development, which is steeped in military history, is comprised of one and two bedroom stylish cottages, which have been sensitively restored and converted. Interested purchasers are invited to call the sales suite on T: 01869 253 999. Cottages at The Garden Quarter start from £250,000 and two bedroom apartments at The Galleries start from £255,000. Interested purchasers are also invited to register their interest at City & Country
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