The City of Wakefield has been named as a Help to Buy hotspot after a record number of buyers benefitted from the Government scheme in the district both since its inception and in the last twelve months.
The study by Zoopla showed that a total of 2,732 properties were purchased in Wakefield using the scheme since it was first launched in 2013; a statistic that is corroborated by leading housebuilder Miller Homes.
“We have had a presence in the Wakefield area for a number of years and this is set to continue with the fantastic City Fields development that will bring over 2500 homes to the area,” said Sarah Whinfrey, Regional Sales Manager, Miller Homes Yorkshire. “Help to Buy is definitely supporting buyers in the area and it is a scheme which we are proud to offer and from which buyers have been able to enjoy which has enabled them to own their own brand new home.”
Last year, the housebuilder saw the Help to Buy scheme contribute to 40% of sales across the region highlighting how beneficial the scheme has been to buyers who have been unable to save more than the 5% deposit typically required.
The scheme works by offering up to a maximum of 20% of the purchase price through an equity loan funded by the Government. The remaining 80% is then made up through a 5% deposit contribution and a 75% mortgage from a bank or building society. It is available on properties up to the value of £600,000 and is currently available on a range of selected properties from the housebuilder ranging from two to five bedroom homes.
“Help to Buy continues to be a popular way that buyers with low deposits can buy their first home or move to a bigger property to accommodate a change in family circumstances,” said Sarah. “It is just one way in which we support all prospective buyers, not just those buying for the first time, to help them realise their house buying dreams and find a better place that is more suited to their needs and financial situation.”
The Lodge at City Fields has recently been launched by Miller Homes which will see a further 38, three and four bedroom homes become available.