Scheme proving to be a success
LINDEN Homes is celebrating the growing national success of the government-backed NewBuy scheme, after revealing new figures that showed a quarter of reservations in one week had been enabled by the initiative.
It represents the highest level of interest so far in NewBuy, during the week commencing January 7, and signals growth from the seven per cent of total reservations which have come through the scheme since its launch.
The award-winning housebuilder said that this success has given a welcome boost to the market by assisting both first-time buyers as well as those with a property to sell.
Nigel Palmer, managing director for Linden Homes South West said: "Our teams around the country have been particularly enthused by the NewBuy scheme. So often it gives those who have worked hard to save a chance to get their foot on the ladder.
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"Those battling to get that vital deposit together find the required five per cent much more attainable."
Linden Homes has also noted that lenders' attitudes have changed of late and cites NewBuy as a key driver in this shift.
The housebuilder highlights a drop in interest rates on the NewBuy scheme; witnessed since its inception last March.
Nigel added: "When the scheme began, NewBuy interest rates were higher; we have witnessed a drop of 1.75 per cent in less than a year which is giving a new confidence across the market.
"Feedback from our IFAs is that most lenders are keener to lend money than before; again with NewBuy noted as a catalyst to this positive change."
The NewBuy scheme is available on selected homes at the following Linden Homes developments: Ogwell Brook in East Ogwell, Milbury Reach in Exminster, Alston Park in Plympton, Higher Moor in Avonwick, Mabena Lea in St Mabyn, Rowes Meadow in Stoke Gabriel and South Sands in Torquay.
For more details on NewBuy visit www.lindenhomes.co.uk/newbuy