Help for would-be buyers at new Wigan housing development
More than 50 homes are being built near Wigan - and the developer is promising a range of options to help would-be buyers.
Prospect Homes is delivering 57 two, three and four-bedroom homes at Brook View, off Bettison Avenue, Leigh – and all are priced below the current £500,000 stamp duty threshold, which Chancellor Rishi Sunak extended until the end of June in his Budget on March 3.
Properties are available under the Government's Help to Buy strategy, as well as Prospect's own Prospect Start scheme, Easy Move and shared ownership.
First-time buyers can take advantage of the Help to Buy scheme on properties priced up to the North-West regional cap of £224,400 – a home can be secured with a five per cent deposit, with the Government providing an equity loan for up to 20 per cent, meaning a mortgage is only needed for the remaining 75 per cent.
Under Prospect start, buyers can purchase a Prospect home at 67 per cent of open market value.
Sam Williams, Prospect head of sales, said: “With Prospect Start, when buyers decide to sell, they simply sell the home at 67 per cent of its open market value at that time.
"That way, they receive 100 per cent of their 67 per cent share, no-one else owns the 33 per cent.
“By keeping the purchase price at 67 per cent of open market value, future buyers will also benefit from an affordable home.”
Easy Move is for anyone who already has a home, but may be thinking about upsizing to something more suitable.
Sam said: "Easy Move is designed to make selling up and moving hassle-free.
“We work with experienced estate agents to value, market and sell existing homes. Trusted legal and independent financial advisors are there to assist our customers throughout the process and estate agent fees are covered by us too meaning we actually save customers money!”
Part exchange is also available, meaning that Prospect Homes becomes a committed buyer of customers’ existing homes, while seven of the homes at the new development are available to buy via shared ownership.