Arun homes bought using Help to Buy four times higher than Chichester
Almost 3,000 homebuyers in Sussex have used Help to Buy, with 87 per cent being first time buyers, since the scheme launched nearly five years ago.
Latest government figures reveal that 2,742 people in Sussex have used the scheme since it was introduced in April 2013.
Of those, just 156 people have used Help to Buy to purchase property in the Chichester district (113 were first time buyers FTB), while across Arun 666 used the HTB scheme (486 FTB).
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The relatively low take-up across the Chichester district is likely to be a combination of the low number of new homes being built, high and rising house prices and incomparable average wages.
The average salary of people working in the district is £22,926 (£27,996 for those living in the district).
And the gap between earnings and house prices is growing, with the average home in Chichester now costing £364,836 (RightMove).
Across Arun, average wages are similar, but the average property price in Bognor is £286,059 (Rightmove), and £263,111 right across Arun.
There is also long waiting lists for social housing in both districts, meaning many are stuck with the insecurity of rising rental costs with little chance to save for a deposit.
By comparison, in Horsham 868 new homes have been bought using Help to Buy (611 first time buyers) while Mid Sussex, 695 used the scheme (457 FTB)
Help to Buy enables anyone, both first time buyers and existing owners, to put down as little as a five per cent deposit on a new home and take advantage of a government equity loan for up to 20 per cent of the property’s value, providing access to more affordable mortgage rates.
Across Sussex, first time buyers accounted for 74 per cent of Right to Buy sales and housebuilder Barratt Homes says the scheme has been a real game changer for many people.
Michelle Storer, sales director for Barratt Homes, said the scrapping of stamp duty for this group has given those looking to get on the housing ladder an additional boost.
She said: “While Help to Buy is available for first time buyers and those moving up the housing ladder the statistics reveal what a massive help it has been to those looking to buy their first home in particular.
“It’s vital that we keep spreading the word that buyers need just a five per cent deposit to buy a new home so we can help even more first time buyers this year.”
Barratt Homes is currently working on new developments including St Mary’s Place in Bognor Regis and East Beach Walk in Selsey.
For more information call 0844 5710 385 or visit www.barratthomes.co.uk