INCENTIVES
BOOST YOUR BUDGET WITH DEVELOPER INCENTIVES How affordable is “affordable” housing really? Many people feel priced out of the property market, with high prices and an income already strained by cost-of-living increases without the pressure to save for a deposit. Yet, every day, new build homes are being snapped up by first time buyers. Debbie Clark asks the important questions.What are they buying? What are they earning? And, more importantly, what incentives are they taking advantage of to make the seemingly impossible a reality?
incentives subject to the stage of construction, T&Cs apply. Higgins Homes, renowned for quality building in London and the South East, is also responding to the needs of customers by offering a range of incentives, tailored to suit a range of scenarios. #HomesComfort is a campaign that has been specifically designed around the areas that create a barrier to homeownership for first time buyers. There is a range of bespoke, real-world incentives, with buyers encouraged to speak to advisers to discuss their particular needs to eliminate as many obstacles to homeownership as possible. Examples of incentives include a 5% deposit top-up, potentially taking the deposit from 10% to 15%, having the legal fees and Stamp Duty paid, which also adds up to a substantial expense, or the option of a Furniture Pack. #HomesComfort is being offered on The Garratt Collection, Earlsfield (020 8498 6111) and Ecole, Bermondsey (020 8498 6112). Ultimately, homebuilders need to be able to sell their properties to make a profit, so most developments will have a range of incentives available to help buyers. If you’re not sure what they are, find out – you might be pleasantly surprised!
Data from OnTheMarket (2022) shows the median average of property prices across England varies considerably, from an average property price of £250,000 in the North West to a whopping £588,500 in London.
East Midland
West Midlands
London
South East
Region
North East
North West
Median Price
£254,995 £250,000 £303,500 £315,000 £588,500 £473,000
While median salaries also vary, they certainly don’t reflect the property prices. Salaries – in the South East and London in particular – are seriously stretched!
East Midland
West Midlands
London
South East
Age group North East
North West
£23,855 £24,073 £24,166 £23,723 £31,835 £25,713
22-29
£26,614 £28,596 £26,955 £28,842 £40,761 £30,877
30-39
£27,956 £29,420 £29,013 £30,648 £40,638 £33,096
40-49
Thankfully, both the Government and homebuilders are conscious of the myriad of issues buyers face.There are many national schemes you can access as a first time buyer. A great example is the Discount Market Sale (DMS), which offers buyers the opportunity to purchase a new home with a saving of up to 30% while still giving the buyer 100% of the ownership. Buyers need to live or work in one of the areas required for the scheme to
be valid and meet other eligibility terms. Developers are also getting inventive with their incentives to give you a foot up. Weston Homes, for example, is offering its unique First-time SecureBuy (FTSB) initiative on selected plots and developments.
The scheme allows first time buyers to reserve a home off-plan for a £500
reservation fee, and a 5% exchange deposit. Then, six months before build completion, the buyer can apply for a mortgage. Should the value of the property increase in the time between reservation and build completion, buyers will only pay the price agreed on the day they reserved their property. The FTSB initiative can be used in conjunction with other
22 First Time Buyer February/March 2024
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