Help to Buy scheme boosts enquiries

The UK's fifth largest housebuilder has credited the Government's Help to Buy scheme with a sharp rise in enquiries.

Linden Homes said the 27 per cent year-on-year uplift during February to April included a variety of first-time buyers and second-steppers.

And the introduction of the scheme is expected to boost sales at a new housing development near Exeter which has already been exceeding expectations, with a surge in reservations for affordable homes at Cranbrook.

Westbury Homes has sold 15 properties at Otter Way in the new community in East Devon since it opened at Easter.

Help to Buy is a Government-backed equity scheme that applies to any new build property up to the value of £600,000. It enables buyers to purchase a new home with just a five per cent deposit and a 20 per cent Government equity loan – a loan that is interest free for the first five years and can be repaid at any time within the first 25 years.

In the first seven days following the Help to Buy announcement in the Budget, Linden Homes received more than 1,000 enquiries across the country via its website.

The company's current developments include City Glade in Exeter, Milbury Reach in Exminster and Abbeyford Rise in Okehampton.

Nigel Palmer, managing director at Linden Homes South West, said: "With Help to Buy and the interest rates as they stand, there has never been a better time to buy a new home. We are now seeing proof of how the scheme can get you moving far sooner than previously possible.

"Our sales executives at our developments have been tasked with making the scheme simple for our customers to understand and enable them to proceed with confidence."

Katie Alderton, field sales manager for Westbury Homes South West, said: "Our homes at Otter Way are in demand as first-time buyers and growing families look for an attractive property, but at an affordable price.

"The introduction of Help to Buy will assist anyone looking to step on or move up the property ladder. The scheme provides another welcome boost for Cranbrook's housing market and is an excellent opportunity for people to buy a new home with only a small deposit."

Westbury Homes' Otter Way development comprises a range of one, two, three and four bedroom homes, with prices starting at £124,250.

Meanwhile, Linden Homes has announced a further incentive to get people moving.

Adam Champion, from the firm's new homes group, said: "We can unveil a new deal with Halifax; in addition to the Help to Buy scheme, there is the opportunity for your stamp duty to be paid for you. This deal is available on new homes up to the value of £250,000, completed before July 8, 2013."