OVER the past few years first-time buyers have struggled to get a foothold on the property ladder.
With the market calming, those wanting to take that first step will find more competitive deals and subsidies on offer on new-build homes. Many builders are having to work harder to attract buyers. So for first-time buyers who don’t have a property to sell – this could be good news.
Debbie Dunthorne, sales director of Miller Homes North East, said: “Now is a good opportunity for first-time buyers to get on the property ladder.
“We’ve seen prices begin to creep up again in February and people should remember to look on a property purchase as a long-term investment.
“We have ways of helping young people buy a new home and can offer deposit-paid deals and mortgage subsidies to help give buyers extra breathing space.
“Getting on the property ladder is an attainable goal for people, and it’s important people realise it’s not all doom and gloom. There are many products and offers available which do not create future financial hardship, and we’re keen to get that message across.”
Richard Bass, managing director at Haslam Homes North East, which specialises in the first-time and second-time buyers’ market, believes the time to buy is when house price rises and interest rates have peaked.
He said: “With recent talk of falling house prices, many people are worried about whether to buy and are delaying their move. In reality there couldn’t be a better time to buy. In such a competitive market, many builders are offering incentives to help make that first step easier.
“Buying a home is one of the biggest purchases people will make, and for many first-time buyers, the thought of buying an older property and the challenges and bills that come with redecorating are too great. Buying a new home removes this financial burden.
“We can give access to financial advisors and mortgage brokers who explain the process thoroughly, so there are no hidden surprises for buyers.
“Buying a home and having a mortgage to pay may mean small sacrifices have to be made, but with the advice on offer from housebuilders across the region, you can find a home that is right for you.”
Gentoo Homes has ‘ucanbuy’ options on properties including Hartley Wood in Sunderland, The Lakes, just outside Washington and The Potteries at Houghton-le-Spring.
Options include ‘Try Before you Buy’ which takes away the pressure of needing a deposit by having a moving fee of £99. The deposit can then be paid over the next 12 months you are living in your new home.
Solicitor’s fees aren’t due for 10 months and Gentoo will also make a contribution towards these fees of £500 if you use one of their recommended providers.
Karen Emerson, head of new homes marketing and customer care at Gentoo Homes, said: “We also offer a 5% deposit paid on certain plots and, if applicable, a part exchange scheme which can help you get moving without waiting for a buyer or getting locked into a chain.”
Barratt Newcastle has help for first-time buyers, such as help with paying the deposit or legal fees.
Sales manager Steve Mariner said: “Our Dream Start scheme is available at developments around the region. On a new Barratt home at £120,000, you could pay £90,000 and move in.
“With Dream Start, you pay only 75% of the purchase price – and pay no interest or rent on the other 25% for up to 10 years. The deferred amount is paid back, as 25% of the property’s open market value, when you sell the property or within 10 years, whichever is sooner. There’s no deposit to pay, and your home is 100% yours.
“This is one of our best deals for first-time buyers, but it’s only available for a limited period.”
The message is – wherever you’re wanting to buy, ask about deals to make buying more affordable.
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