Thousands use Help to Buy to get on housing ladder in Suffolk

A typical street scene at the Marham Park new homes development in Bury St Edmunds Picture: BARRATT

A typical street scene at the Marham Park new homes development in Bury St Edmunds Picture: BARRATT AND DAVID WILSON HOMES EASTERN COUNTIES - Credit: BARRATT AND DAVID WILSON HOMES EASTERN COUNTIES

Almost 3,000 home buyers in Suffolk have so far used the government’s Help to Buy scheme to buy a brand new home, new figures reveal.

The figures, released by the Homes and Communities Agency (HCA), show that 2,937 home buyers in the county have used the low-deposit scheme since it launched in April 2013, including 2,320 first-time buyers.

The scheme enables buyers to put down just five per cent as a deposit for brand new homes under £600,000 and take advantage of a government equity loan providing access to more affordable mortgage rates.

Within the county, Mid Suffolk saw a particularly high level of use of the equity loan scheme, with 754 buyers taking advantage of it.

In Ipswich, 335 buyers used HTB to get on the housing ladder, along with 293 in Babergh.

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The West Suffolk and East Suffolk council areas have seen 887 and 668 Help-to-Buy sales respectively, including 362 sales in the former St Edmundsbury Borough Council area.

Local housebuilder Barratt and David Wilson Homes, which has developments including Marham Park in Bury St Edmunds and Hunter’s Chase in Red Lodge, is encouraging its home buyers to take part in Help to Buy.

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Annette Hurst, Sales Director at Barratt and David Wilson Homes Eastern Counties, said: “Suffolk has produced some strong results for the Help to Buy scheme and it is great to see districts such as Mid Suffolk achieving such high figures for the scheme in the county.”

The current scheme had been due to end on December 31, but has now been extended until March next year. A new scheme for first-time buyers only is due to launch in April 2021.

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