Berkshire: Help to Buy opening up Berkshire market, says Bovis Homes

This summer promises to be a good time to buy for Berkshire home hunters, with one of the region’s major house builders revealing that the new Government-backed initiative, Help to Buy, has opened up the local property market for thousands of first-timers and existing owners alike. 

Bovis Homes is building a range of high-quality new homes at Mitford Fields in Reading and is reporting increased interest among buyers following the launch of Help to Buy.

Under the shared equity part of this new scheme, the purchaser receives a 20% equity loan from the Government and needs just a 5% deposit and a 75% loan to value mortgage to move into a new-build house.

“Help to Buy is proving to be excellent news for homebuyers, especially those who have been struggling to raise some of the higher deposits sometimes required by lenders recently,” said Bovis Homes group marketing director Kevin Wilkins.

"This is the most progressive scheme we have seen yet, with broad qualification criteria which makes it available to all types of homebuyers – not just first-timers – with no income cap and a maximum house price of £600,000.

"Since its launch the message is getting out that this really does make 2013 a great year to make that move into a brand new home.”

Help to Buy was launched in this year’s Budget and the first completions are now starting to filter through across the country as people take advantage of the 20% Government equity loan, which is interest-free for the first five years and is repayable within 25 years or when the home is sold.

“I would advise people who have been waiting for changes in the market before moving to take a close look at Help to Buy and see if it is the right option for them,” said Wilkins.