A welcome boost for first time buyers

Taylor Wimpey, one of the UK’s largest housebuilders with developments across the North Yorkshire and Teeside regions has welcomed the move by Chancellor Alistair Darling to raise the stamp duty threshold to £250,000 for first time buyers.

Debbie Whittingham, regional sales and marketing director for Taylor Wimpey North Yorkshire, said the change was good news for local buyers who could now save up to £2,500 on the cost of purchasing their first home.

She commented: “We’ve seen some positive signs that recovery in the housing market is now underway, but first time buyers are still finding it difficult to get on the property ladder. These changes could benefit them over the next two years and, of course, enabling more people to buy their first home is also good news for the rest of the housing market.”

Since the announcement, Taylor Wimpey has seen a hike in web traffic – at 7pm on Wednesday 24th March at 7pm, the housebuilder saw a 60% increase in traffic*. Searches for new homes increased by 32% compared to a week previous.

Taylor Wimpey has a range of properties across the region that will now be exempt from stamp duty. These include developments in Ingleby Barwick, Middlesbrough, Billingham, Thornaby, Darlington, Coulby Newham, Thirsk, St Helen Auckland and Stockton-on-Tees.

Taylor Wimpey already has a number of initiatives in place to help first time buyers. The housebuilder has recently introduced a scheme which invites family and friends to help purchasers with the cash deposit they need to buy a new home and in return Taylor Wimpey will pay them a guaranteed return of 5% per annum for five years on the sum invested. Family and Friends Advantage, as the scheme is known, is available on deposits of up to 20% of the purchase price.

Another way the housebuilder is assisting buyers with their deposit is through its Deposit Match scheme. This initiative sees Taylor Wimpey match a buyer’s deposit, up to 10% of the purchase price, via an interest free loan over 10 years. Alternatively, it will contribute a 5% deposit on selected homes.

The Easystart Scheme is also available, whereby purchasers can buy a new home and pay as little as 85% of the price straight away. A 5% deposit is paid on exchange of contracts and a further 80% is paid via their prearranged mortgage on completion. Taylor Wimpey will loan the remaining 15%, secured by a legal charge, with no rent or interest to pay for up to 10 years. This offer is limited to selected homes up to £150,000, throughout the UK.

For further information on how Taylor Wimpey is helping first time buyers across North Yorkshire and Teeside, visit: taylorwimpey.co.uk

* Compared to the same hour on Wednesday 17th March.