New homes are the best bet for first-time buyers
First-time buyers in Chippenham have identified new-build homes as offering a safer bet than the second-hand market in the current climate of rising house prices, according to local property experts, especially those eligible for the Government’s revamped Help to Buy (HTB) scheme which only requires a 5% deposit to buy a new-build home.
News from house-builders Redcliffe Homes, currently building at Rowden Brook on the south-west fringes of town, is that the number of pre-booked visits to site are rising month on month with first-time buyers well represented in the statistics.
Head of sales and marketing, Lorraine Kendrick, said: “Would-be buyers are finding there is a shortage of older homes for sale at the moment.
“Coupled with this, since there are many people looking to buy, vendors can be choosy - and buyers are often ending up paying over the asking price. It makes buying an older home a frustrating experience right now.”
Redcliffe’s Rowden Brook development includes the three-bedroom Elmhurst designs in the current sales release, priced from £329,000, which are eligible under the government’s revised Help to Buy scheme.
Lorraine Kendrick said: “The new version of the Help to Buy scheme is a real boon for those looking to make that first challenging step on the property ladder.
“The scheme applies to first-time buyers of new-build homes only and makes the first step to homeownership so much more affordable because it only requires the buyer to pay a deposit of 5%.
“For buyers in this region – classified under the scheme as South-West England - the Government will provide Help To Buy purchasers with an equity loan for 20% of the price which, once they’ve saved for their deposit, means the buyer simply needs to secure a Help To Buy mortgage for the remaining 75%.”
One of the showhomes at Rowden Brook is an Elmhurst design, so interested parties can book a viewing to see exactly what the home looks like on the inside. Appointments should be made through the sales office which is open daily 10am-4pm, tel: 01249 470605.
Rowden Brook is a garden village development which will eventually provide 114 homes ranging in size from two- to five-bedrooms. Prices for homes currently available range from £270,000 to £370,000. For more details see www.redcliffehomes.co.uk
