One in three David Wilson Homes sales use Help to Buy scheme

Posted 7 April 2016 by Helen Christie

On the third anniversary of the launch of the Help to Buy scheme, David Wilson Homes has announced that one in three of its sales in the East Midlands in the past year have used the scheme.

The Help to Buy initiative allows buyers to purchase a home with just a 5% deposit and a 75% mortgage. The remaining 20% is funded by an equity loan, interest-free for the first five years and repayable on the sale on the home.

A total of 34% of buyers at David Wilson Homes’ East Midlands division have purchased homes using Help to Buy since 1 July 2015, highlighting the benefit of the three-year-old scheme in helping buyers to take steps along the property ladder.

Steve Smith, sales director at David Wilson Homes East Midlands, says: “The Help to Buy scheme has proven an excellent tool for aiding both first time buyers to take their initial step onto the housing ladder and also giving existing homeowners a boost to take their next steps.

“The scheme’s original aim was to give the housing market a boost and this has clearly been successful with more than a third of sales in our last financial year made with Help to Buy.”

Among buyers using the scheme are Vikki and Edward Rathbone, who have purchased a property at David Wilson Homes’ Nursery Gardens development in Measham. This is the second time they’ve used Help to Buy since it launched three years ago. The couple previously bought a property in Burton-on-Trent using the scheme, but moved to Measham to be closer to family in Nuneaton.

Vikki, 31, explains: “Due to high childcare costs we wanted to move closer to Nuneaton, where Edward works as a teacher and where our son Ilija is looked after by family. Measham appealed to us as it’s close to towns like Ashby but also has a rural feel to it. It’s a small development and the homes are spaced out well.

“We looked at developments by a few different builders but by far preferred David Wilson Homes for the quality of build and standard of homes.”

The Help to Buy scheme has given Vikki and Edward a significant boost to allow them to make the move to a home to suit their family.

Vikki continues: “Using Help to Buy meant we didn’t have to save a huge deposit for our original home and when buying at Nursery Gardens we have been able to purchase a family home big enough to not have to move again. We’ve been able to make a step up and buy the home we want in a location that suits us.”

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