FIRST-TIME buyers are being urged to “pick up the pace” by property developers building a new neighbourhood development.
The Help to Buy scheme – a government backed initiative aimed at helping first-time buyers get on the property ladder – is set to end in 12 months’ time.
Optivo, who are building flagship development Home X in Lewes Road, Brighton, are encouraging potential purchasers to consider their site.
A report conducted by Savills revealed the Help to Buy scheme only accounted for 2.9 per cent of new builds in Brighton and Hove in the last five years.
Optivo director of sales and marketing Rich Login said buyers can purchase studio, one-bedroom or two-bedroom apartments at the Home X apartments with Help to Buy – with a five per cent deposit.
“As people feel the pinch with inflation rises, it’s important we give first-time buyers help to get on the property ladder,” he said.
“Those who may have been considering this initiative should look to benefit before it’s too late, and as an industry we need to look at ways to fill the void that will be left by Help to Buy ending.
“At Home X, we are building much needed, affordable homes and have seen an increase in interest from first-time buyers using Help to Buy since the beginning of the year and are looking forward to welcoming our first residents in this new, vibrant neighbourhood.”
A total of 369 new homes have created a new community as part of the wider £150 million Preston Barracks Regeneration project.
Studio apartments start at £231,000, while one and two-bed apartments are available for £285,000 and £381,000 respectively.
The community has landscaped outdoor spaces, flexible workspaces, communal space, a wellness area, bike and car club membership and allotment spaces.
In Brighton, the average house price is £413,000, with an 11 per cent increase over the last 12 months.
A Zoopla survey found that about half (56 per cent) of people were unaware the Help to Buy scheme was coming to an end.
Tom Bryant, south east head of new homes at Savills, said: “Help to Buy offers first-time buyers a great chance to get on the property ladder, providing a helping hand for those who do not have enough deposit to buy on the open market.
“With a historic shortage of Help to Buy stock in the area, Optivo is making a real difference with the provision of high quality new homes in an exciting new community.”
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