A leading regional house builder says first-time buyers are increasingly demanding more building for their bucks – and are using a new Government scheme to help them win the property space race.
Persimmon Homes West Yorkshire says sales of its new homes have soared 25 per cent in the past 12 months as the housing market begins to shake off the recession.
And the builder says people buying for the first time are snapping up larger homes than their predecessors to leapfrog the first few rungs of the property ladder.
Simon Whalley, Persimmon Homes West Yorkshire sales director, said the success of the Government’s new Help to Buy scheme was a key factor in both trends.
“The launch of Help to Buy has had a huge impact both on the number of new homes we are selling and the type of properties which are being bought.
“Our latest figures show that sales volume is around 25 per cent higher this year than 12 months ago, before Help to Buy was launched.
“And it is clear that people buying for the first time are choosing larger homes than they might otherwise have been able to afford.
“Where once new homeowners would have been happy with a two-bed property for their first home, they are now looking at three bedrooms or even bigger.
“Part of that is almost certainly down to using Help to Buy to make their money go further, while part of it will be down to social changes. People expect more for their money these days and want a more spacious home than might have been the case a few years ago.
“It has the added bonus of meaning they can stay in their first home longer because they have plenty of space to grow into. It is certainly something which we, as a house builder, have had to factor into our plans to make sure we are building the sorts of homes that people want.”
The Help to Buy scheme enables all purchasers, not just first-time buyers, to put down a five per cent deposit on a new-build home with up to 20 per cent of the cost of the home funded by a shared-equity loan, linked to the property’s value but interest-free for the first five years.
Persimmon has a range of developments across West Yorkshire, with work either under way or set to start at sites in or near Bradford, Brighouse, Castleford, Huddersfield, Kirkstall, Leeds, Morley, Pontefract, Robin Hood, South Kirkby and Yeadon.
It also has sites at Adwick le Street, Baildon, Barnsley, Batley, Bingley, Cleckheaton, Conisbrough, Cudworth, Dewsbury, Doncaster, Elland, Garforth, Guiseley, Halifax, Heckmondwike, Holmfirth, Honley, Horbury, Horsforth, Hoyland, Ilkley, Keighley, Knottingley, Liversedge, Mexborough, Mirfield, Normanton, Ossett, Otley, Pudsey, Rawmarsh, Rothwell, Shipley, Sowerby Bridge, Stocksbridge, Swinton, Wakefield, Wath upon Dearne, Wetherby and Wombwell.
For more details of any of the Persimmon sites click here.