House hunters using Help to Buy to escape to the country

House hunters in Warwickshire are swapping busy town life for a more rural retreat with the aid of Help to Buy, according to Bloor Homes.

Bloor Homes has noticed that increasing numbers of buyers are using the Government-backed equity loan scheme to move out of towns such as Warwick and Leamington Spa and into the surrounding villages.
At Bloor Homes’ Oakley Meadow development in Bishop’s Tachbrook, 54 per cent of buyers have used Help to Buy to purchase their homes, while 57 per cent have relocated from Warwick and Leamington Spa.
Michele Rose, Regional Sales Director for Bloor Homes Midlands, said: “Many buyers aspire to own a home in a peaceful village location, but can be put off by the higher prices you tend to find there, particularly in the most desirable villages.
“However, the advent of Help to Buy has made it more affordable for people to purchase a new build home in these locations, and in Warwickshire we have certainly noticed an increase in demand from buyers looking to move away from the town and into the country.
“By delivering a range of new homes in Bishop’s Tachbrook, we are enabling people currently living in the village to get onto the housing ladder, as well as making it possible for town dwellers to achieve their dream of owning their own home in the country.”
The Government-backed Help to Buy scheme has helped more than 100,000 people purchase a new home since launching in 2013.
Under the scheme, buyers can secure their new home with a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is provided as an equity loan, which is interest free for the first five years.
Help to Buy is available on new build homes worth up to £600,000 in England, and can be used by current homeowners as well as first-time buyers.