Guest blog from Clare Noakes, Regional Sales Manager, Lovell
It’s surprising that a scheme which is yet to celebrate its third birthday, already accounts for around half our sales at Lovell.
In March 2013, when Help to Buy: Equity Loan was unveiled, I bet a lovely couple like Mike Todhunter and Mags Fenton couldn’t imagine they would use the newly launched initiative to buy a magnificent double fronted four bedroom home in Cockermouth.
And yet, less than three years later, they’re living in the historic Cumbrian town in Lovell’s popular development, The Laureates, courtesy of the Government scheme.
Mike and Mags are not alone. In the first 30 months since the proposals were launched, more than 62,000 properties were bought with Help to Buy: Equity Loan, nationwide.
And although it was launched by the Government to ‘support a new generation in realising the dream of home ownership’ the initiative isn’t exclusive to first time buyers.
It’s available for properties with a value of up to £600,000 and 1/3 of all purchasers this year are expected to use the facility throughout the country.
Our customers are full of praise of Help to Buy: Equity Loan, with about 50% of them using the arrangement. And we expect that figure to increase significantly as more homebuyers take advantage of the benefits of securing a property with a deposit of just 5%.
So with more people than ever using the initiative to buy a home, like Mike and Mags and their family, let’s celebrate this great incentive which has allowed so many to fulfil their homebuying dreams. Help to Buy: Equity Loan – on behalf of all our buyers – many happy returns!