Young families are snapping up new-build homes in Bicester, with an Oxfordshire house builder reporting a rush to buy a recently released selection of off-plan properties.
Bovis Homes' Kingsmere location in Bicester, Oxfordshire
Bovis Homes put 11 new properties at its Kingsmere location on to the market, and they immediately proved popular, thanks in part to the Government-backed Help to Buy – Equity Loan scheme.
Colin Dean, area sales director at Bovis Homes, said: “Help to Buy is having a big impact in supporting people to get on to the housing ladder here.
“Many young families are stepping into our sales office and buying homes using the scheme. A big part of the draw for this location is the fantastic primary school we have opposite.”
Popular St Edburg’s CE Primary School, on Pioneer Way, sits opposite the new-build development, which is seeing an increase in enquiries as the new academic year starts.
Across England, a total of 170,000 homes have been purchased through the Help to Buy – Equity Loan scheme since it started five years ago, a new report released by the Home Builders Federation reveals.
Homebuyers need a five per cent cash deposit, with the Government providing an equity loan of up to 20 per cent of the value of the property they are purchasing. They need to secure up to a 75 per cent mortgage and won’t be charged interest or fees on the loan for the first five years.
More than four out of five of the homes purchased through Help to Buy were bought by first-time buyers, the HBF report shows. This has enabled around 246,000 individuals get on to the housing ladder.
Colin said the scheme was helping to make Kingsmere stand out as a great place to live.
“Help to Buy brings in young people who might otherwise struggle to get on the ladder. It’s a huge and much needed support for first-time buyers in Oxfordshire,” he said.