Low deposit at Hazel Walk, Newcastle

Saving up to buy your first home has never been easy – and according to a new report from The Money Charity, the time it takes for a first-time buyer to save the average deposit has now risen to 22 years.

The report is based on figures from the Council of Mortgage Lenders, which calculated the average deposit for a first buyer is £27,719.

However, there is an alternative for purchasers of a new-build home: the Government’s Help to Buy scheme, which enables them to buy with just a five per cent deposit and a 75 per cent mortgage.

Barratt Homes is offering the scheme at developments across the North East, including Hazel Walk in Fawdon, Newcastle, where two-bedroom homes start from £134,500.

Using Help to Buy, eligible purchasers would need a deposit of £6,725 – and mortgage repayments could be £470 a month.*

Hazel Walk has been one of the housebuilder’s fastest-selling sites in the region, with 95 homes sold in two years.

Barratt recently released the final phase of homes for sale at the development which includes the popular ‘Newton’ design.

This stylish terraced home has a comfortable living room, open-plan dining kitchen, two double bedrooms, bathroom and plenty of storage.

Barratt North East Sales Director Fenton Hewitt said: “Hazel Walk has been a great success, with sales rates consistently above the national average, and the final phase is continuing that strong pattern.

“I’d urge anyone interested to act fast before these last homes sell out. It’s an outstanding opportunity to buy with a low deposit.”

Hazel Walk has grown into a thriving community with plenty of amenities on the doorstep.

Three showhomes are open daily from 10.00am to 5.00pm (Mondays 11.00am to 6.00pm). For information, visit barratthomes.co.uk.

*£470.01 per month over 25 years. Initial fixed two-year rate of 2.84%. SVR 5.69% and APR 5.3%. £199 booking fee.