Deposit Top Up Launched By London Housebuilder

Fairview New Homes is offering up to £10,000 deposit top up to all those wishing to purchase a home at any of its seven developments across London and the Home Counties.

The incentive is introduced to complement the government's permanent Stamp Duty tax cut as part of Fairview's commitment to go one step further to make homebuying more attainable, particularly for first-time buyers.

The deposit top up is available to all buyers, and worth up to £10,000, which means Fairview buyers can benefit from a saving potential of up to £15,350 when combined with the Stamp Duty savings.

Chris Hood, sales and marketing director for Fairview says: “We know from surveying first-time buyers across the UK that a quarter (25%) of first-time buyers nationally, and over a third (35%) of Londoners believe a Stamp Duty cut is one of the most valuable forms of support once the Help to Buy scheme ends this October, highlighting just how important and well timed this decision was.

“Currently 52% of our one- and two-bed apartments on the market fall under the first-time buyers Stamp Duty price cap of £425,000, meaning those who were forced to delay their house purchase to save to cover Stamp Duty costs can now progress more quickly, and potentially still benefit from the Help to Buy scheme. In our commitment to help first-time buyers after the scheme ends, we are offering all buyers up to £10,000 towards their home buying deposit. We hope this will be an extra helping hand for those eager to buy but struggling to save.”

Over 87 Fairview properties in London and Essex are also still available within the Help to Buy scheme, meaning those that reserve before the 31 October deadline will also benefit from either a 40% or 20% equity loan respectively from the government and required to pay just a 5% deposit, being as little as £14,500 for a studio apartment in West London.

Hood concludes: “Previously buyers across the UK would've paid Stamp Duty on a property worth over £300,000. With that threshold now raised, first-time buyers can purchase more without having to worry about having enough money to cover Stamp Duty. If you combine this with the 20% equity loan and 5% minimum deposit from the Help to Buy scheme, it's a real boost for first-time buyers, with only a little over a month left of the scheme.”

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