NHS workers across Yorkshire have received over £1m towards a deposit on their dream home, thanks to the Barratt Developments NHS Deposit Contribution Scheme, which was launched by the housebuilder on 23rd May. The scheme sees NHS employees receive a 5% contribution towards their deposit, up to £15,000, to help them buy a new home as a thank you for their hard work during the COVID-19 crisis.
Since the scheme was launched, Barratt Developments Yorkshire East and Yorkshire West have seen great interest from prospective buyers, with 88 homes purchased using the NHS Deposit Contribution Scheme so far.
The housebuilder has seen an overwhelming response to the scheme from first-time buyers, with 70% of purchasers in Yorkshire using the NHS incentive to take their first step on the property ladder. The NHS incentive can also be used in conjunction with the government Help to Buy scheme, offering further support to those looking to purchase their first home.
In the Budget announcement earlier this month, the Chancellor declared there would be no Stamp Duty to pay on properties up to the value of £500,000 on sales that have legally completed before 31st March 2021. It is estimated that the scrapping of Stamp Duty will benefit nine in ten homebuyers in England and Northern Ireland, saving £4,500 on the average purchase, making it an ideal time for those in search of their first or family home to take advantage of these savings across the region.
One development that has been particularly popular with customers taking advantage of the NHS Deposit Contribution Scheme is Poppy Fields, in Cottingham. As the sought-after village of Cottingham becomes increasingly popular with buyers looking to benefit from the area’s fantastic transport links and proximity to two OFSTED Outstanding primary schools, buyers are encouraged to take full advantage of the savings on offer quickly to secure their dream home.
Rental prices in Cottingham average £690 per month, and with the current savings and incentives on offer, a first-time buyer using the government Help to Buy scheme and NHS Deposit Contribution Scheme could secure a new home at Poppy Fields and save over £190 per month compared to renting in the area, thanks to the support available and current low-interest rates.
The stylish two, three and four-bedroom homes on offer at The Bridleways in the sought-after location of Eccleshill have also been a popular choice with homebuyers using the NHS scheme, with buyers attracted to its central location to Leeds and Bradford and it’s great local schools and amenities.
Daniel Smith, Managing Director at Barratt Developments Yorkshire East commented:
“It’s brilliant to see so many NHS workers in Yorkshire are making use of the NHS Deposit Contribution Scheme. The National Health Service has worked incredibly hard during the COVID-19 pandemic, and we are really pleased that the scheme is already benefiting those who deserve it the most.”
Ian Ruthven, Managing Director at Barratt Developments Yorkshire West said:
“Our NHS scheme is one of many incentives that are available to prospective home buyers, and with low-interest rates and Stamp Duty being scrapped, it’s an ideal time for buyers to purchase their dream home.”