Recent research has suggested that mortgages are more affordable and more readily available now than at any point in the last decade, making conditions ideal for homebuyers to buy a new property, according to housebuilder Taylor Wimpey.
Major lenders have started to repair their balance sheets and this is now flowing through to new homebuyers with banks increasing lending levels.
This has helped Taylor Wimpey to enjoy a positive start to the year, with a real increase in the number of visitors to its developments in Leicestershire, Nottinghamshire, Derbyshire, Lincolnshire and Cambridgeshire, as well as Northamptonshire.
Increasingly, customers are realising that now is the time to take advantage of this growing confidence in the money markets which is helping to create more positive conditions for prospective buyers.
According to high street lender the Halifax, in the last five years, mortgage repayments as a proportion of income have fallen to just 26 per cent in the East Midlands – down from a high of 44 per cent in 2007 and comfortably below the 34 per cent long-term average.
At the same time, mortgage availability has soared and is expected to continue rising throughout 2013 as the Government’s multi-billion pound Funding for Lending initiative takes even greater effect with even more affordable loans continuing to become available.
Dominic Harman, managing director for Taylor Wimpey East Midlands, said: “Prospective new home purchasers in the East Midlands are picking up on the growing sense that conditions in the local new homes property market are in their favour more now than they have been for years.
“The recent budget announcement of the Government Help to Buy is also exclusively available for new homes and, as one of the UK’s leading homebuilders, Taylor Wimpey is offering this affordable way to purchase a brand new home at all of its developments.
“This gives us even greater confidence as we build more homes and we are providing even more choice and better flexibility for our customers.
“The cost of monthly mortgage repayments has plummeted across the East Midlands, which is great news for prospective purchasers who are also finding that there is a much wider range of competitive home loans available to them.
“As more and more property-seekers recognise that now is the perfect time to buy, anyone hoping to secure their dream home at a Taylor Wimpey East Midlands development should contact us while these initiatives are still in place.”
New homes are available at the following Taylor Wimpey developments in Northamptonshire:
South Wood, Little Stanion (call 0845 6881360)
The Wheatfields, Burton Latimer (call 0845 6723817)
Apple Blossom Crescent, Northampton (call 0845 6713284)
Buttercup Meadow, Northampton (call 0845 6719041)
Taylor Wimpey offers a range of homebuyer incentives, including the Government’s new Help to Buy shared equity scheme.
This money-saving incentive enables eligible first-time buyers and existing homeowners to secure any new-build property priced up to £600,000 for 80 per cent of its full price, including a five per cent deposit.
There is no salary cap for customers taking advantage of the scheme.
Alternatively, the NewBuy scheme offers credit-worthy purchasers the opportunity to purchase their ideal home with a 95 per cent mortgage and a five per cent deposit.
For more details about Taylor Wimpey developments in the East Midlands call 0116 281 6470 or visit www.taylorwimpey.co.uk/eastmids.