Record Sales at Kings Hill
House builders at Kings Hill have sold more houses in the first six months of this year than they did in the previous two years, a figure boosted by the Government’s Help to Buy Equity Loan scheme.
According to Kings Hill New Homes - a marketing forum of homebuilders currently building at Kings Hill and developer Liberty Property Trust UK – sales figures between January and June this year were very encouraging.
This reflects the findings of the recent Royal Institution of Chartered Surveyors (RICS) June 2013 UK Residential Market Survey, which reports signs of recovery in the housing market and increased demand from buyers.
Help to Buy Equity Loan offers buyers the chance to purchase a new build home by putting down a minimum 5% deposit and taking advantage of a five year interest free loan of up to 20%. This, in effect, reduces the size of the mortgage payments in those important years of home ownership.
The scheme is available to existing home owners and first time buyers on properties up to the value of £600,000. The equity loan can be repaid at any time or on the sale of the property, and is interest free for the first five years. From year six, a fee of 1.75% is payable on the loan and rises annually by RPI inflation plus 1%.
Those interested in Help to Buy Equity Loan should apply to the relevant Kings Hill New Homes developer. Sales staff will provide advice for next steps, when Moat, local Help to Buy Agent, will process the application.
“If house buying at Kings Hill continues at this pace, by the end of the year we could be on target to achieving close to our peak house sales figures, which is excellent news” said Andrew Blevins, managing director of Kings Hill developer Liberty Property Trust UK Ltd.”
The current members of Kings Hill New Homes - Bellway, Crest Nicholson, Hillreed and Ward Homes - are building out a combined total of 281 homes at Kings Hill, ranging from two bed apartments to five bed family homes.