Barratt sales surge to five-year high in North East

Sales of new homes in the North East have reached a five-year high, according to housebuilder Barratt.

The company says some of its developments across the region are selling at double the national rate, bucking the traditional seasonal trend of slowing down as summer approaches.

Fenton Hewitt, Sales Director at Barratt Homes North East, said: “We have been seeing increased visitor levels and sales since the launch of the Government’s new Help to Buy scheme on 1 April.

“This is great news for the North East economy as new home construction underpins the local supply chain and job creation.”

A sample of the first 400 Barratt Help to Buy reservations across the country has revealed that the average purchase price with the scheme in the North East is £149,223, meaning buyers need just a 5 per cent deposit of £7,461.

And more than half (57 per cent) of those in the region are buying three bedroom homes, showing the scheme is supporting those moving up the property ladder, as well as first-time buyers.

Help to Buy dramatically improves the prospect of owning a home or moving home. It reduces the deposit required to just 5 per cent and means qualifying buyers could only need a 75 per cent mortgage, enabling them to access low-cost finance.

The remaining 20 per cent is covered by an equity loan from the Government, which is interest-free for the first five years and can be repaid at any time or on the sale of the property.

Barratt North East has homes priced from around £100,000 up to £379,000. For more information, visit barratthomes.co.uk.