Solo first-time buyers in the South West face a wait of almost a decade to save enough to purchase their first home, new research has revealed, but a financial contribution from regional housebuilder Newland Homes could be worth the equivalent of more than five years of saving.
Research from homemover comparison website reallymoving found that a first-time buyer purchasing alone in the region would need to save for 119 months, just one month short of ten years, to accumulate a 10% deposit and cover upfront costs of buying a typical £250,000 first home. This is based on saving 10% of their monthly take home pay.
Newland Homes is offering eligible purchasers a contribution worth up to 5% of the purchase price on selected homes at two of its Wiltshire developments: Lambrok Mead in Trowbridge and Kempster’s Reach in Worton, near Devizes.
On a two-bedroom Shipton home priced at £299,000 at Lambrok Mead in Trowbridge, the contribution could be worth up to £14,950. At the monthly saving rate reflected in the reallymoving research, it would take a first-time buyer approximately five years and five months to save £14,950.
The new initiative is aimed at opening up opportunities for local buyers who may have previously believed getting onto, or moving up, the property ladder was out of reach, by addressing one of the biggest barriers facing today’s buyers: finding a deposit.
Marcus Evans, Sales and Marketing Director at Newland Homes, commented: “Waiting almost ten years to save enough deposit to purchase a new home is a staggering prospect. It is understandable that some people conclude that home ownership is simply out of reach. A contribution worth up to £14,950 could make a substantial difference to the amount a buyer needs to find from their own funds.”
Marcus added: “We encourage people to investigate what support is available from housebuilders, as many buyers may be surprised by the flexibility that comes with purchasing a new build home.”
Karl Limb, National New Build Account Manager at Meridian Financial Solutions, commented: “For people who have already begun saving for a deposit, this helping hand from Newland Homes could mean they do not need to commit all their savings upfront. They may choose to retain some money as a financial safety net or use it to furnish and personalise their new home. Alternatively, they could choose to contribute towards the purchase and reduce their mortgage borrowing.”
Buyers intending to use a mortgage to purchase a new home will need to meet the requirements of their chosen lender and should obtain advice from an appropriately authorised mortgage advisor.
Tailor-made appointments are available daily at each Newland Homes development, from 11.00am to 5.00pm. For further information visit: www.newlandhomes.co.uk or follow Newland Homes on social media @newlandhomes
