Boost for first time buyers in Barnstaple

FUELLED by months of staying home and craving their own space, first time buyers in Barnstaple are stepping onto the property ladder with Help to Buy.

A number of those who’ve seized the early opportunity to reserve a new home at Pickards at Larkbear have been first time buyers.

They’ve been able to boost their buying power with the aid of a Government-backed equity loan under Help to Buy.

The scheme is now exclusive to first time buyers purchasing new build properties, like those being built by Elan Homes as part of the wider 820-home new neighbourhood taking shape off Old Torrington Road.

Elan Regional Sales Director for Elan Homes said: “Homes at Pickards at Larkbear have attracted strong interest from first time buyers. Some have said they’ve saved more while they’ve been staying home because of Coronavirus restrictions and so they’ve raised a deposit sooner than they expected. Others are craving their own space after staying home with their parents and have realised that Help to Buy could really boost their borrowing power. The real advantage is that with Help to Buy they should only need a 5% deposit.”

First time buyers can use Help to Buy to reduce the initial cost of owning a brand new home by taking out an equity loan for up to 20% of the price. The equity loan is interest free for five years and can be repaid when they have more funds available or when they resell.

In the South West, including Barnstaple, the scheme is available on homes priced up to £349,000.

“Our new homes in Barnstaple are currently being sold “off plan” while we work towards opening a show home. The sales team are helping guide buyers through the floor plans, plus we have a wealth of digital resources including video and 3600 tours of show homes from other development available to view online,” Tracey added.

“Those who reserve before their home is physically built can make it their own form the very start. Our homes feature a high specification with plenty of opportunities for customers to make their home their own by choosing from a rage of standard options and upgrades. These include the kitchen finish, bathroom tiles, wardrobes and flooring.”

Accessed via the A361, the new neighbourhood is taking shape on land next to the North Devon College – Petroc. Other nearby amenities include a retail park and Barnstaple train station.

The wider development that Elan’s homes are part of will also include a new primary school; local centre with potential uses including a small shop, surgery, pharmacy and community hall; there will also be acres of open space and woodland, plus cycle paths and other facilities.

For more information about the development or to make an appointment with the sales team see https://www.elan-homes.co.uk/developments/pickards-larkbear.