Buy new to avoid nine year wait in London

Calling all first time buyers! Getting on the property ladder is a lot easier if you purchase a new build property.

A recent report from the House Builders Federation (HBF) has shown that it takes first time buyers in London an average of 9 years to save for their deposit, compared to 3 years and 1 month a decade ago. However, by buying a new Taylor Wimpey home, purchasers can take advantage of a range of schemes and incentives which significantly reduce the size of the deposit needed, making it quicker and easier to buy your first home.

Taylor Wimpey currently has a number of developments across East London and Essex offering a wide range of homes and incentives designed to help purchasers make the move into a new home. The Government backed NewBuy scheme has seen an increase in the availability of 95% loan to value mortgages specifically for new build properties, meaning credit-worthy buyers may now only need to save a 5% deposit to secure their new home.

Alternatively, the FirstBuy scheme lets qualifying first-time buyers secure selected homes for 80% of their full price. Incentives are subject to availability and further details are available from the Sales Executive.

Michael O’Leary, Sales and Marketing director for Taylor Wimpey East London commented: “The idea that it takes first time buyers in London an average of nine years to save for a deposit is obviously extremely disheartening for many aspiring homeowners. But it’s not all bad news. One of the many advantages of a new build property is that we can offer the incentives and flexibility which allow potential purchasers to buy their new home with much lower deposits, significantly reducing the length of time it takes to get onto the property ladder.

“We’ve had a fantastic response to schemes such as NewBuy and FirstBuy; in fact in 2012 we supported 1750 people across the UK buy a new home using the schemes. I’d urge anyone who wants to move but thinks they can’t afford the deposit to visit one of our developments today. Our experienced sales advisors will be able to talk you through the options and incentives available and you could be moving into your dream home before you know it.”

First-time buyer incentives are currently available with selected plots at the following Taylor Wimpey East London developments:

Academy Central, Barking & Dagenham
Indigo Wharf, Chelmsford
The Quarters, Colchester
Praecedo, Colchester
Reflections, Romford
The Firs at Priors Green, Takeley

For further information on Taylor Wimpey developments across the region, visit taylorwimpey.co.uk/eastlondon.