connells help to buy week sees surge in interest

National estate agency Connells has seen a surge in new homes sales following the phenomenal success of its Help to Buy Week initiative run throughout the company’s network of branches in June.
By The Newsroom
Published 18th Jul 2013, 08:27 BST
The team at ConnellsThe team at Connells
The team at Connells

“Our aim was to raise awareness of the scheme which offers a fantastic opportunity for people struggling to gather together a deposit to either get on or move up the housing ladder,” said Carly Baskott, branch manager of Connells in Leamington.

“As we suspected, understanding of the scheme was sketchy and, before we explained it to them, many people thought that the chance of being able to buy a home with just a five per cent deposit was simply too good to be true.”

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In the week immediately following the initiative Connells new homes sales nationally increased by 48 per cent on the previous week and as more Help to Buy authorisations filter through the company expects this upward trend to continue.

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“Where Help to Buy differs from previous Government schemes is that it is available to all purchasers, not just first time buyers, of new homes up to the value of £600,000,” explained Carly.

“And, what’s more, there is no restriction on the maximum amount someone can earn to be eligible.”

Borrowers need to raise a deposit of just five per cent of the value of the property they want to buy and they can borrow a further 20 per cent in the form of an equity loan from the Government.

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“The remaining 75 per cent of the balance is paid for with a conventional mortgage. The loan is interest free for the first five years after which there is a 1.75 per cent annual charge which increases each year by the RPI rate of inflation plus 1 per cent.

“The state-backed loan is available for up to 25 years and must be repaid when the property is sold but can be repaid earlier.

“The success of our Help to Buy Week proved that the appetite for property ownership is as strong as ever and, with the help of this scheme, it is something that is within the reach of many who thought they could never afford a home of their own,” concludes Carly.

To find out more about Help to Buy and new homes sites where it is available locally call 01926 881441 or visit your local Connells branch at 7-8 Euston Place.

Related topics:GovernmentLeamington