First time buyers account for over half of new home customers
Despite a reported drop in house prices; headlines suggesting new homes are still way out of reach for first time buyers continue to dominate.
Lack of affordability, high mortgages and suggestions that FTBs are typically spending eight years saving for a deposit has done little to restore the nation’s faith in the housing market.
However, developer Stamford Homes seems to be bucking the trend – with figures showing that over half its new home customers for the last six months have been first time buyers, that’s one in every two purchasers.
Sales director Steve Woomble said: “While some national reports suggest a 40 per cent rise over the last year of potential buyers looking to rent because they cannot afford to buy, here in North East Lincolnshire and East Riding, we are seeing a different picture.
“Many of our developments, particularly around the Grimsby area, are built in sought-after locations close to the town centre, and offer a variety of new homes that combine affordability with carefully thought out incentives to help arguably the most vulnerable house buying sector.”
Stamford Homes currently offers a number of incentives which allow the customer to buy a new dream home, without the burden of finding a huge cash deposit. One of the most popular schemes is EasyStart.
Helping to secure that dream home at a reduced cost, EasyStart allows you to pay an initially reduced 80 per cent price for your new home yet own 100 per cent of it.
Simply reserve the home of your choice and Stamford Homes will pay the remaining 20 per cent by means of a 10-year loan, interest free for the first three years.
In addition, Stamford Homes is working with The Nottingham to throw a mortgage lifeline to first time buyers through a specially designed 95 per cent mortgage.
This means that FTBs looking to move a number of Stamford Homes developments need only find a five per cent deposit. The minimum loan is £30,000 and the maximum is £150,000.
Steve added: “We have a real desire to see local people benefit from great housing and competitive mortgages and this particular scheme has been exceptionally well received.”
Meanwhile the company’s shared ownership scheme offers enormous benefits to those looking to step onto the housing ladder, including:
Low Deposit
Affordability - only need to be able to afford the mortgage for the amount you are buying
Fixed monthly rental
Ability to buy a greater share over a 25 year period
Unlike shared equity schemes, it does not need to be repaid within 10 years.
For details of prices, availability and incentives, visit: stamford-homes.co.uk
