Government 'Help to Buy' scheme growing in popularity

The Government’s ‘Help to Buy’ scheme has sparked a surge in visitors to North East developments since its launch in April this year.

The scheme offers assistance of around 5% through the provision of a 20% equity loan from the Government for buyers with a small deposit.

North East company, Miller Homes has made two Help to Buy sales since the programme was established in April.

The first completions have seen buyers secure a three-bedroom Hawthorne at Greenvale Park in Newcastle upon Tyne and a three-bedroom Manderson at The Pastures in Darlington.

And the encouraging feedback from potential buyers means the five-star housebuilder is expecting to see further Help to Buy sales in the coming months.

Help to Buy, which was announced in the March Budget, is now available to home movers as well as first time buyers who meet the qualifying criteria, meaning buyers only need to secure up to a 75% mortgage from a provider.

Miller Homes offers Help to Buy to potential buyers across its 10 North East developments, including The Meadows in Framwellgate Moor, The Pastures in Darlington and Mariners Way in Seaham.

Steve McElroy, North East sales director at Miller Homes, said: “Following the announcement that Miller Homes would be offering further assistance to North East homebuyers through the new Help to Buy scheme we have been inundated with interest at our developments across the region.

“We are continuing to see a stark increase in the number of potential buyers who previously thought they would be unable to move on from their existing property but could now be in a position, thanks to Help to Buy, to either move up the property ladder or for first time buyers purchase their first home.

“We are delighted to have already been able to help two different buyers make the move they needed by securing their dream new home less than two months after the initiative was established.

“By helping to strengthen the region’s housing market, Help to Buy is also providing a much needed boost to the North East economy and is allowing the construction industry to create new jobs in the region.”