Home   Kent   News   Article

Bellway says the Help to Buy scheme has seen reservations go up by 27% to 128 homes per week in Kent and South East

The number of people putting their name down for new houses has risen by more than a quarter since the introduction of the government’s Help to Buy scheme, according to one developer.

Bellway has seen reservations go up by 27% to 128 homes per week, up from 101 in 2012.

In its preliminary end of year results to July 31 this year, Bellway found the Help to Buy scheme has been used in 29% of reservations sinces its launch, with people in Kent snapping up homes at developments in Maidstone, Kings Hill, Strood and Canterbury.

Bellway Homes' De Montford Apartments in Strood
Bellway Homes' De Montford Apartments in Strood

It helped the group complete the sale of 5,652 homes, an increase of 8.2% compared to last year.

The scheme allows buyers of new homes to get a mortgage with as little as a 5% deposit, with the government providing a 20% loan for the rest of the deposit, which is interest free for the first five years.

The government controversially widened the scheme earlier this month to include purchases of older homes.

“The profile of buyers has been varied with many first time buyers, families and locals who had thought they were not able to purchase a home, finally being able to get onto the property ladder..." - Bellways' Steve Jones

It comes as figures from the Office for National Statistics show the British property market hit a record high in August, with the average cost of a home almost £250,000.

Bellway Homes South East managing director Steve Jones said: “Following the launch of the first phase of Help To Buy, around 29% of sales at our developments in the South East have been secured through the initiative.

“The profile of buyers has been varied with many first time buyers, families and locals who had thought they were not able to purchase a home, finally being able to get onto the property ladder.

“General awareness of the initiative has definitely helped.”

Among Bellway’s developments is the Willows in Canterbury, overlooking the St Lawrence Ground.

It is also responsible for Gallantry Park at Kings Hill. Oakwood Heights in Maidstone and De Montford Apartments in Strood.

Mr Jones added: “With previous government schemes like HomeBuy and NewBuy, buyers who visited our sites were not aware of how the initiatives could help them.

“At our Kent developments including The Willows in Canterbury, Gallantry Park in Kings Hill and Oakwod Heights in Maidstone, buyers have arrived at the development with previous knowledge of how Help To Buy can assist them, bringing together all of those who thought they couldn’t afford a home.”

Close This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.Learn More