Family-run house builder, Walton Homes, has reported that raising a deposit remains a top concern amongst many first time buyers in the Midlands.
Recent trends show that a large number of first time buyers are now looking to buy a house with a partner or friend to help combat the high deposits needed. Purchasers in the Midlands are currently expected to save a deposit of approximately 20 per cent which on a £150,000 property stands at £30,000.
Adam Hallifax is one such first time buyer who purchased his first home with his girlfriend Sarah Morley. The pair bought a three bedroom Ebington house at Walton Homes’ Millfields development in Tamworth.
Adam, 26 year old green keeper from Tamworth, said: “Sarah and I had a been looking for our first home for two years but after visiting a number of new build sites, we came to the conclusion that we were going to need a much larger deposit than we had originally planned to save. Similar to many first time buyers, raising a 20 per cent deposit was a barrier for us, so it was a huge relief when we spoke to the sales team at Walton Homes and they mentioned their five per cent deposit scheme.
“Walton Home took all our needs into consideration and came up with various offers that would suit us. The five per cent deposit scheme was perfect as it meant we needed a deposit of just £7,500, which was much more affordable than the amount that other house builders had told us we would need for a similar property.”
A recent survey by Rightmove.com shows that saving a deposit is still the single largest concern for 36 per cent of first time buyers in the UK. The survey also showed that 77 per cent of first time buyers in the West Midlands expect to need a deposit of 10 per cent or more of the property’s value.
In order to help house hunters purchase their first home, Walton Homes has launched a number of initiatives across its developments including its five per cent deposit scheme and its equity loan scheme, Lion’s Share.
Adam said: “What initially attracted us to Millfields was just how quiet and private the development was compared to other, much larger, new-build sites in the local area. Also, I’m a green keeper so the garden is really important to me and at Millfields, we got both a front and rear garden – I can’t wait for the warmer weather to really make the garden ours!”
Nearly 50 per cent of homes have now been sold at Millfields, with prices for the remaining properties starting from just £164,950 for a two bedroom bungalow. Three bedroom houses are available from £189,950 and the four bedroom executive homes at Millfields range in price from £235,000 up to £269,950.
Helen Rollason, sales manager at Walton Homes said: “The homes at Millfields exude luxury whilst remaining affordable for those at the early stages of the property ladder. Listening to our visitors is extremely important to us as a local house builder and Walton Homes has launched a number of initiatives that aim to help people move into their dream home. I am very pleased that our five per cent deposit scheme helped Adam and Sarah buy their first home and I hope they continue to enjoy their new house at Millfields and create many lasting memories there.”
To book a viewing at Millfields contact the sales team on 01827 259 339. The show home and marketing suite is open from 11am – 5pm Thursday to Monday inclusive of the weekends. For further information visit www.waltonhomes.co.uk