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Figures from local housebuilder Larkfleet Homes (www.larkfleethomes.co.uk) show that the government’s ‘Help to Buy’ scheme is having a major impact on the housing market in Cambridgeshire, Rutland and Lincolnshire.
Larkfleet offers the Help to Buy scheme at its Abbeyfields development in Bourne (Lincolnshire), its Leighfield Park development in Oakham (Rutland) and The Coppice development in Deeping St James (Lincolnshire).
Over the past six months, 45 percent of properties at Leighfield Park, 72 per cent of properties at The Coppice and 66 percent of properties at Abbeyfields have been sold using the Help to Buy scheme.
Larkfleet Homes managing director Karl Hick said: “The figures show that Help to Buy is helping many local first time buyers, and people simply looking for a home with a little more room, to secure their ideal property.”
The Help to Buy scheme allows homebuyers to potentially own 100 per cent of their new home with just a 75 per cent mortgage and 5 per cent deposit.
With the scheme, after homebuyers have provided a five per cent deposit and obtained a conventional mortgage for just 75 per cent of the purchase price, they will receive an equity loan from the government for the remaining 20 per cent (subject to approval). The equity loan is interest-free for five years and can be repaid at any time or on the sale of the home.
The Help to Buy scheme is different to other government schemes as it is not just available to first-time buyers. Current homeowners selling to buy a new home can also benefit from the scheme and there is no cap on household income in order to be eligible. Furthermore, there is no restriction on the number of bedrooms a property may have, so in theory a single person could purchase a four-bedroom property with the Help to Buy scheme.
Karl Hick added: “We are delighted to offer the government’s Help to Buy scheme on many of our properties. This furthers our commitment to help first-time buyers, or existing owners simply wanting a new property, to purchase the home of their dreams.
“With Help to Buy, homebuyers can effectively own 100 per cent of a property with just a 75 per cent mortgage and 5 per cent deposit. This is proving to be a great help to many people struggling in the current housing market – something our sales figures demonstrate.”
Larkfleet’s Abbeyfields development is located on the old Co-op site on Spalding Road in Bourne, Lincolnshire, and comprises two and three-bedroom properties with prices starting at just £124,995.
Leighfield Park is the first phase of Oakham Heights, Larkfleet’s major urban expansion of Oakham, located on land between the Oakham bypass and Barleythorpe Road. The development currently offers traditionally-styled two, three, four and five-bedroom properties starting from £154,995
Larkfleet is providing allotment gardens for residents at Leighfield Park to encourage a sustainable lifestyle and community. An electric car charging unit is also available on site for residents to use.
The Coppice development – located on the Orchard Field site in Deeping St James – offers 12 two and three-bedroom properties for sale.
Solar photovoltatic (PV) panels will be fitted as standard to every property constructed at The Coppice and Leighfield Park, and as an added extra to properties at Abbeyfields, so homebuyers can benefit from reduced energy bills and an income from selling their excess power to the grid. The PV panels will produce electricity from daylight, generating useable power even on cloudy days.
Terms and conditions apply to the Help to Buy scheme. Please visit the Larkfleet Homes website, www.larkfleethomes.co.uk, or contact a sales advisor on 01778 391550 for more information on how the Help to Buy scheme could help you.
Larkfleet Homes is a member of the Larkfleet Group (www.larkfleetgroup.co.uk).