Record house prices and the challenge of saving for a deposit with the cost of living as high as it is today, are huge hurdles for first-time buyers to overcome. According to new analysis by Direct Line Home Insurance, on average buyers now pay nearly £224,000 for their first home, 24% more than in 2016 and nearly seven times a 30-something’s typical salary. However help is at hand from various schemes designed to boost affordability and make home ownership easier. These are offered on selected new homes across the UK – here’s a round-up of some of the best
1. Beauchamp Park, Warwick, Warwickshire, from £127,750 for a 35% share of £365,000
Ideal for growing families, a new phase of three-bedroom houses with fully-fitted kitchens and turfed gardens launches on 28 May. They’re shared ownership, so you can purchase a share while paying rent on the balance. You’ll only need a minimum 5% deposit for the stake you buy, and have the option to increase your shareholding as and when you can afford to, with the ultimate goal being 100% ownership. For eligibility purposes, household income can’t exceed £80,000 (£90,000 in London). From L&Q.
2. Catteshall Court, Godalming, Surrey, from £134,975 for a 50% share of £269,950
One and two-bedroom apartments with private balconies will sit alongside four-bedroom houses in this upcoming development close to the town centre and station. Home Reach, a part buy, part rent scheme similar to shared ownership and with the same income requirements, is available on some plots. The way it works is that you buy a share, requiring a minimum 5% deposit and repaid via a mortgage, and monthly rent takes care of the rest. There’s the opportunity to buy more shares – called staircasing – later on. Contact Crest Nicholson to register your interest.
Read more: How buyers can succeed in a sellers’ market
3. Novus Apartments, Slough, Berkshire, from £166,250
A mix of one and two-bed apartments at one of the first developments in the south-east to sell homes at a 30% discount through the government’s First Home Scheme. It’s aimed at local buyers and key workers with household incomes up to £80,000 and who can cover at least 50%of the cost with a mortgage, and the discount applies forever, so future purchasers will benefit too. The Elizabeth line station is in walking distance. Through Slough Urban Renewal via Novus.
4. Cammo Meadows, Edinburgh, from £195,200
High-spec two and three-bedroom apartments with large open plan living spaces and plenty of storage, in a north-west suburb of the city. Some of the two-beds are Golden Share homes and being sold at 80% of their market value to buyers who live, work or have family in the area and can’t afford to buy outright. The discount is retained for all future resales. David Wilson Homes.
5. Wyndthorpe Chase, Dunsville, Doncaster, South Yorkshire, £227,995
This three-bedroom, three-storey house is available with Help to Buy, allowing first-time buyers with a 5% deposit up borrow up to 20% of the cost, so they only need a 75% loan-to-value mortgage. Regional property price limits apply (the threshold is £228,100 in Yorkshire & The Humber) and the loan, which is interest-free for five years, doesn’t have to be paid back until the property is sold. Get your skates on if you’re interested as the Help to Buy ends next March. By Harron Homes.
6. Llys Ystrad, Cefn Glas, Bridgend, Wales, from £229,995
Help to Buy (Wales) is offered on three-bedroom Barton House types at this development, a short drive from the M4 and mid-way between Cardiff and Swansea. Under this scheme, the Welsh Government lends buyers with a 5% cash deposit as much as 20% of the cost of a home priced up to £250,000, with no interest for five years. When the home is sold, the loan has to be repaid in the same percentage as initially borrowed. Discover more from Persimmon Homes.
Read more: 8 fixer-uppers crying out for attention
7. Addiscombe Grove, Croydon, from £260,000
Pocket Living’s USP is that it delivers cleverly designed, compact apartments in convenient urban locations at discounts of 20% compared with local market prices. These one-bedroom homes sit within a 21-storey building and are targeted at first-time buyers living or working in London, who will have access to communal areas including roof gardens, a residents’ lounge and co-working and wellness spaces. Contact Pocket Living.
8. Eastman Village, Harrow, London HA1, from £308,000
Increased demand for starter homes during the pandemic led to Barratt London creating its first SMRT homes with a smaller footprint to keep prices down. The predominantly one-bedroom apartments include space-saving solutions such as floor-to-ceiling wardrobes, a media unit with a desk area and utility cupboard, and each comes with either a private balcony or terrace. Help to Buy London, providing a 40% equity loan, is up for grabs on some. From Barratt London.
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