Carly Shakespeare, an administrator at Bournemouth Airport, and Marc McFadyen, a trade analyst, must be the envy of all their friends as they enjoy their first summer in their own two-bedroom apartment at Inland Homes’ The Wessex, a short walk from Bournemouth’s award-winning sandy beach.
‘Before moving to The Wessex, we were renting a two-bed, top floor flat in Poole, the next town along,’ says Carly, who’s 34.
‘We had been saving for about two years as we eventually wanted to buy our own home rather than pay someone else’s mortgage, and the lockdowns really helped to boost our savings as we weren’t spending any money on going out.
We initially looked at properties in Poole, starting online before going in person, and then viewed The Wessex. We completely fell in love with it and stopped our search there and then!
‘One of the biggest selling points is that Bournemouth beach is just five minutes’ walk from our new front door. I do a lot of running, so having that route along the beach every morning instead of on residential roads definitely motivates me to get out of bed.
‘The secure underground parking was another big draw as parking in the town centre isn’t easy, particularly in the summer.
‘Originally we were going to purchase a first-floor apartment with a balcony but when we went in to reserve, one on the ground floor with a wraparound terrace had become available, so we bought that instead. e opted to use the Help to Buy scheme as the lower-level deposit required meant we were able to buyer sooner than we had first thought.’
The Help to Buy equity loan scheme allows first-time buyers to borrow up to 20% of the cost (40% in London) of selected new-build homes.
They only need a 5% deposit, giving them access to better mortgage rates than when borrowing more, and the loan is interest-free for the first five years. Different price caps apply depending on where in England you’re buying.
‘When we started our property search, we were really focusing on anywhere that was offering Help to Buy, as we knew that would be the only way we would be able to buy a property sooner,’ adds Carly.
‘I was impressed with how straightforward the application process was, and the sales team have been really great.
‘There’s so much we can’t wait to do in our new apartment, including turning our second bedroom into a guest room and part-time office for when we work from home.
‘We got rid of our furniture from the old flat so are starting afresh with everything, and our goal is to make it feel as homely as possible.’
Do the maths
(For a similar two-bed flat)
Full market value: £310,000
5% deposit: £15,500
20% Help to Buy loan: £62,000
Monthly mortgage: approx. £929
Monthly service charge: approx. £137
Total monthly spend: approx. £1,066
One and two-bed apartments are for sale at The Wessex, a short walk from Bournemouth town centre and the seafront.
Designed to maximise space and light, one-beds are from £235,000 and two-beds from £310,000.
Most affordable locations for first-time buyers
The stamp duty holiday, which ends on September 30, has been a mixed blessing for buyers.
Those who completed before June 30 paid no tax on homes up to £500,000 in England, but increased demand combined with static supply has led to a surge in house prices, hitting first-time buyers particularly hard.
Fortunately, there are plenty of places where there’s a good chance of securing a first home, and to make the search easier, estate agency Keller Williams UK has identified the most affordable locations in every region.
In the south-west, the average starter home costs £229,379, but in Plymouth you’ll pay just £166,792. And in the West Midlands, where the average first-time buyer home is £181,457, buyers can get on the ladder for an average of £110,110 in Stoke-on-Trent.
At £107,600, the typical first home in Hull costs 30% less than the Yorkshire and Humber average of £154,394, while Burnley offers best value in the north-west as first-time buyers pay £95,541 on average, compared with £155,036.
County Durham is the cheapest spot in the north-east, where the average first-time buyer home is £103,549, 17% lower than across the wider area.
North of the border, first-time buyers should head to East Ayrshire where first-homes are on average £84,860 — a saving of 35% on a typical Scottish starter pad.
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