A leading regional housebuilder says a new Government scheme is helping increasing numbers of young couples to buy the new homes of their dreams.
Persimmon Homes Yorkshire says growing numbers of young couples are using the NewBuy scheme to get on the property ladder.
Newlyweds Nichola and Simon Hugill took advantage of the scheme – which gives buyers the chance to secure a new home with just a five per cent deposit – to buy their brand new two bedroom semi-detached home at the company’s Westfield development in May.
Hairdresser Nichola (22) and joiner Simon (27) said the scheme offered them the only chance to achieve their dream of owning their own home.
“We wanted to buy a house, because we felt that renting was just dead money and we wanted a property of our own,” said Nichola.
“We thought we’d have to spend years saving up for a 10 to 15% deposit required by most mortgage lenders but thanks to the inexpensive deposits available under NewBuy, we were able to secure our new home at the Westfield development straight away.”
Kevin Thubron, sales and marketing director for Persimmon Homes Yorkshire said the scheme, launched in March 2012, had driven a sharp rise in demand for new homes from young couples.
“Nichola and Simon are part of a wave of young people buying a home thanks to the NewBuy scheme.
“Enabling buyers to take advantage of a 5% deposit reduces the amount young people must find to buy their new home significantly.
“As well as the NewBuy scheme, Persimmon Homes offers a variety of other purchasing schemes on selected properties including Part Exchange, Help to Buy and Home Change which enables buyers to secure the house of their dreams – worry-free!”
The NewBuy scheme helps first-time buyers and those who already own a home who only have funds for a 5% deposit on the home they wish to buy. The lenders participating in the scheme will provide a 95% loan-to-value mortgage for buyers meeting their qualifying criteria.
Nichola said: “This was one of the first homes we viewed and we fell in love with it instantly. It is so nice to have our very own place. It’s just the perfect start to our marriage.
Kevin added: “We are delighted that we could help to give Nichola and Simon a great start to their marriage.”
Westfield is a spectacular new development of two, three and four bedroom homes in Norton on Derwent, close to the market town of Malton.
This traditional setting offers a good range of amenities including shops, restaurants, pubs, fitness facilities, cinema, and excellent schools.
Prices for two, three and four bedroom homes at Westfield start at just £131,999* plus a Help to Buy equity loan.