It’s a great time to buy at Brooklands

After releasing a selection of new two bedroom properties at the Brooklands Park development, Milton Keynes housebuilder, David Wilson Homes has shared some suggestions on why it’s the perfect time for young people to buy.

Stamp Duty Cut

One of the largest factors for young first time buyers investing in property this year is the UK government’s Stamp Duty cut. Recent research from FJP Investment suggests 43% of young investors plan to buy before April 2021[1] to utilise the stamp duty break. This can save new home buyers up to £15,000 on their property and is designed to benefit young people spending less than £500,000 on their home.

Interest rates

Interest rates are at an all-time low. Although this can affect industries in different ways, simply put, now is a great time to invest. For young people looking to buy their first home they will typically pay much less interest on their mortgage than if they were to invest while interest rates are higher.

Help to Buy

A total of 6,803 people used the Help to Buy initiative this year in Buckinghamshire alone. With 5,395 of those being first time buyers, the scheme has proved extremely popular. Help to Buy is a government lead initiative that sees new-build property buyer’s pay as little as 5% of their deposit. With 30% of first time buyers finding raising the deposit, the biggest obstacle in owning a property[2], it’s no wonder this has proven so popular.

Chanda Chileshe, Senior Sales Manager at David Wilson Homes Northampton, said: “despite this year having such a profound effect on our lifestyles and many industries across the UK, for young people now is a great time to buy.

“With Boris Johnson announcing plans to turn generation rent into generation buy, the government has implemented many strategies to assist young people in getting onto the property ladder. Brooklands Park is a great development to start, with multiple smaller properties benefitting from a range of money-saving schemes.

Help to Buy has already proven hugely popular and we have seen a spike in demand from first time buyers across many of our sites. It’s no secret that now is a great time to invest in property and those looking to maximise their investments should really act soon as demand is increasing exponentially.”

David Wilson Homes Northampton has recently announced a range of two bedroom homes and apartments, ideal for first time buyers at the Brooklands Park development in Milton Keynes. Prices start from £245,995 and benefit from a range of money saving initiatives.

For more information on Brooklands Park please visit https://www.dwh.co.uk/new-homes/milton-keynes/h771601-brooklands-park/.  For sales enquiries or to book an appointment please call 0333 3558 482.

[1] https://www.buyassociation.co.uk/2020/08/20/uk-housing-market-ripe-for-young-property-investors-after-stamp-duty-cut/

[2] https://www.statista.com/statistics/1033495/main-barriers-in-buying-a-first-home-uk/