First birthday celebration for NewBuy scheme at Kings Hill

Kings Hill homebuilders have wished many happy returns to NewBuy, the government’s scheme to help homebuyers as it celebrates its ‘first birthday’.

Kings Hill New Homes, the forum which brings together masterplanning developer Liberty Property Trust UK, Kent County Council and homebuilders at Kings Hill, near Maidstone, has praised NewBuy for having a positive impact on the sale of new homes.

The forum, which currently includes Bellway, Crest Nicholson, Environ, Hillreed, Taylor Wimpey and Ward Homes, has welcomed the impact of the NewBuy scheme, the government initiative designed to stimulate lending and boost activity in the housing market.

Andrew Blevins, Liberty’s managing director, said: “NewBuy is having a positive impact on house sales at Kings Hill by helping to bridge the funding gap for those wishing to buy a new home. And the more people there are buying new homes, the more the construction industry will benefit and help to stimulate the wider economy.”

NewBuy enables people to purchase a new home with just a 5 per cent deposit, and is open to existing homeowners, as well as first time buyers. The scheme is already having an impact at Kings Hill in terms of driving sales where it is currently being offered by Bellway, Crest Nicholson, Hillreed, Taylor Wimpey and Ward Homes.

Annette Cole, Sales & Marketing Director of Crest Nicholson Eastern, said: “We have seen a high number of ‘second steppers’, especially those young families looking for additional space, showing interest in NewBuy.

“Many existing homeowners may have outgrown their current homes, there may be little equity in their existing home, or there have simply been no buyers with the funds available to purchase it. NewBuy is perfect for them as it enables them to take the next step up the property ladder without breaking the bank.”

Another factor influencing activity in the housing market is the current low mortgage rates.

Annette Cole added: “A widespread concern for house hunters is their ability to secure an affordable mortgage, and low rates will definitely help. News that interest and mortgage rates look set to remain at historic low levels means there will be a huge relief for house hunters and give them the confidence to purchase their own new home.”

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