Strata to lift buyers onto ladder

First time buyers across Yorkshire will be given a leg up onto the property ladder thanks to leading home builder Strata and the government’s new £250m FirstBuy scheme.

Doncaster-based Strata, with developments across Yorkshire is celebrating being one of the first home builders in the region to offer the government’s FirstBuy scheme and will provide £1.9m for shared equity loans to help over 140 struggling first time buyers secure new homes. Strata prides itself on delivering stylish, contemporary housing at an affordable price, will offer the scheme on homes ranging from £64,950 to £265,950 across all of its 11 developments.

Under the FirstBuy scheme – which aims to help those who cannot afford the deposit needed for a mortgage – Strata and the government will jointly provide a 20 per cent loan to top up purchasers’ own four per cent deposit. This means that first time buyers can now secure a 76 per cent mortgage at a very low cost – allowing them to own 100 per cent of their own home.

With government figures showing that the average Yorkshire first time buyer currently requires a deposit of up to £29,289 many young people are being priced out of the market and face the prospect of spending years in the draining rental market or living with parents – something that Strata believes the FirstBuy scheme will help change.

Andrew Weaver, Strata’s Managing Director, said: “It’s great to have secured FirstBuy funding. 56 per cent of our purchasers are first time buyers and so we’re delighted that this scheme will allow us to extend a helping hand to even more people looking to get onto the ladder.

“We’re a trusted family business that has been building communities across Yorkshire since 1919 and FirstBuy will assist us in carrying on that tradition through one of the toughest market downturns this country has known. I would urge potential first time buyers to move quickly on this offer to avoid disappointment, as demand is expected to be high and there is only a limited number available.”

Strata is already taking reservations for purchasers wanting to buy through the FirstBuy scheme, with the earliest completions being September 2011. FirstBuy applies to households with a joint annual income of less than £60,000 and is only available on new build homes. Loans are interest free for the first five years and repaid when the property is resold.

For more information, visit strata.co.uk.