Business · Trowbridge
First-time buyers in Wiltshire offered deposit incentive on new homes
By Swindon Now Editorial Team · Published
Housebuilder Newland Homes is launching a financial incentive scheme for first-time buyers at developments in Trowbridge and near Devizes.
A housebuilder has launched a new financial incentive scheme aimed at helping first-time buyers in Wiltshire get onto the property ladder. Newland Homes is offering a contribution of up to five per cent of the purchase price on selected new-build properties, a move the company claims could equate to over five years of saving for an average buyer.
The scheme is currently available at the company's Lambrok Mead development in Trowbridge and the Kempster’s Reach development in Worton, near Devizes. For a two-bedroom Shipton home at the Trowbridge site, priced at £299,000, the five per cent contribution would total £14,950.
The developer stated that the initiative is designed to address the significant challenge of saving for a deposit in the current economic climate. Marcus Evans, sales and marketing director at Newland Homes, said that the prospect of saving for a deposit over nearly a decade can make home ownership seem out of reach for many prospective purchasers.
Research from property comparison website reallymoving suggests that, for a single buyer in the South West, saving for a 10 per cent deposit and associated upfront costs on a £250,000 property could take approximately 119 months. The developer suggests that this incentive could allow buyers to either reduce their mortgage borrowing or retain some funds as a financial safety net for furnishing and personalising a new home.
Financial experts have noted that such schemes can provide greater flexibility. Karl Limb, national new build account manager at Meridian Financial Solutions, suggested that by not committing all their savings upfront, buyers may find more stability in their purchase.
Newland Homes has clarified that the offer is also applicable to existing homeowners looking to move up the property ladder. Prospective buyers are advised that any purchase involving a mortgage must meet the specific requirements of their lender and they are encouraged to seek independent advice from a qualified mortgage adviser before proceeding.
Source: Wiltshire Times · View original