£280m boost to FirstBuy scheme welcomed by housebuilder
The Government’s announcement of a £280m extension to its FirstBuy shared equity scheme has been welcomed by Taylor Wimpey Southern Counties, which is building homes in Devizes.
First-time buyers can secure a new home with a five per cent deposit in the FirstBuy scheme, which was launched in March 2011.
Fiona Creed, of Taylor Wimpey Southern Counties, said: “We are delighted the Government has continued to back this important scheme, which has already helped around 10,000 first-time buyers across the nation to gain a foothold on the property ladder in just 18 months.
“FirstBuy enables first-time buyers to secure a brand new home with just a five per cent deposit, which has understandably been incredibly popular with those who had previously feared that property ownership was well out of their reach.
“It really does make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit.
“An increase in the number of first time buyers entering the market is also good news for those further up the chain as it helps stimulate the market and boosts confidence.
" Consequently, with more people buying new homes, employment opportunities in the area will increase as it means more jobs within the regional construction industry.”
Under FirstBuy, selected new homes at Taylor Wimpey Southern Counties developments can be bought for 80 per cent of their full price, including a five per cent deposit.
Taylor Wimpey and the Government’s Homes and Communities Agency (HCA) then boost the purchaser’s deposit with a joint loan of 20 per cent, which is repayable at the end of the 25-year mortgage term or when the property is sold.
To be eligible, customers must be first-time buyers with a household income of under £60,000.
The £280m funding could help 16,500 first-time buyers own their own home.
Taylor Wimpey Southern Counties is currently building homes at its Quakers Walk development in Devizes ranging from one and two bedroom apartments to two, three and four bedroom houses, with prices starting from £115,833.
For further information on Quakers Walk, call 0845 072 6113 or visit the marketing suite in Quakers Road, open Thursday to Sunday, 10am until 5pm, and Monday, 1pm until 5pm, or visit www.taylorwimpey.co.uk/quakerswalk or www.taylorwimpey.co.uk/firstbuy