Launched by the government in 2013, Unbiased reports that over 225,000 buyers have taken advantage of the Help to Buy equity loan scheme.
Enabling people to invest in new homes with as little as a 5% deposit, the equity loan scheme ensures that up to 20% of the property’s sale price is covered by a government loan, with repayable amounts dictated by the home’s value when it is sold.
Despite its successful run, the 10-year scheme is due to come to an end in March 2023 (unless the government chooses to extend) and here at Mishon Mackay, our New Homes team is encouraging you to make a move while you still have the chance to benefit from it.
Help to Buy in Brighton and Hove
Brighton and Hove is undoubtedly a city in high demand.
With a bustling atmosphere and endless opportunities to explore the eclectic energy of the Lanes, as well as the stunning seaside views and multiple transport links to London, residents get the best of both worlds.
Findings from The English Housing Survey show that in 2020-2021, there were over 950,000 first time buyers in England with 32% of those purchases being one person properties.
While the market is competitive and the area may seem slightly out of reach to those looking for a first-time property, Brighton and Hove are actually perfect locations for first-time buyers with the Help to Buy scheme and a number of new developments, namely our BN Vista site.
The Help to Buy scheme has played a huge part in the Stonegate Homes BN Vista development exceeding 30% of reservations, and with prices from as low as £235,000, this development gives first-time buyers an opportunity like no other, with deposits starting from as little as £11,750.
Scott Barnard, New Homes Sales Manager at Mishon Mackay, said: “Around 65% of the apartments we have sold have been to those using the Help to Buy scheme to secure their dream home. We would encourage buyers to take advantage of the Help to Buy scheme while the opportunity is still there. What are you waiting for?”