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Linden Homes sees homeowners join first-time buyers in using Help to Buy

Posted 17 February 2017 by Keith Osborne

The multi-award-winning housebuilder is seeing a higher proportion of existing homeowners using the government-back shared equity scheme...

National housebuilder Linden Homes is reporting an increasing number of current homeowners applying to buy a brand new home with the government-backed Help to Buy scheme, which has been predominated by first-time buyers since its launch in 2013.

With national figures from the government covering the launch of the scheme to 30 September 2016, some 81% of buyers across the country’s 100,284 participants in Help to Buy have been buying their first home. However, Linden Homes is seeing almost a third of sales though the scheme going to people who already own a home.

Tom Nicholson, divisional chairman at the WhatHouse? Award-winning housebuilder, says: “We are pleased to see that first-time buyers are continuing to utilise the Help to Buy scheme in order to get on to the property ladder. However, to see such strong growth among existing homeowners is really encouraging – it demonstrates that the Help to Buy equity loan scheme is not only for first-time buyers, but is now increasingly enabling families to take the step up the ladder to ensure they have a home fit for the future.

“Families utilising the Help to Buy scheme are now able to take their next steps on the property ladder, permitting them to buy a larger house to accommodate a growing family – a home that they may not otherwise have been able to afford. Low mortgage rates, increasing employment statistics and more accessible, local new home developments have made it possible for wider audience groups to purchase their dream home.”

Help to Buy is due to run until 2021, and its introduction has had a positive effect on those taking their first step on the property ladder. The latest Halifax First-Time Buyer Review reports the number of first-time buyers in 2016 is estimated to be up 7.3% from 2015 to 335,750, the highest level since the financial crisis hit in 2007.

Last year, the Midlands region for Linden had the most Help to Buy purchasers as a proportion of all buyers (51%), with its Kaleidoscope development topping the list. The Eastern region, with developments in East London and Essex, was second in Linden’s national regional list with 49% of buyers using the government-backed initiative.

Nicholson continues: “68% of our Help to Buy purchasers are first time buyers, allowing us to make the dream of owning a home a reality for so many people. The growing trend of existing homeowners using Help to Buy is intriguing and one that we will continue to monitor against national data. Over the course of 2016 we witnessed growth in the use of Help to Buy, in Q1 (Jan-Mar) just 28% of our buyers accessed the scheme, peaking at 41% in Q3 (July-Sept).  It will be interesting to see whether the uptake of Help to Buy will continue to increase across 2017 and what future trends we will see emerge.”

Find out more about all new homes for sale from Linden Homes right now.


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