Interest in new homes has soared since January according to Yorkshire-based housebuilder Barratt Yorkshire West, with the company reporting that it has had the busiest start to the New Year for five years.
The company has traced the pickup in activity to record online property searches on the Barratt website during early January which were up on the same period last year. This interest has now been reflected in a surge of visits to local sites. Some local sites are now selling at twice the national average.
Rightmove, the leading property portal, has also confirmed this trend and said that there was a 27 per cent increase in online property searches at the start of the year.
Ian Ruthven, Sales Director for Barratt Yorkshire West said: “We believe that one of the key factors is that savvy customers have worked out it’s now cheaper to buy than rent.
“We simply can’t believe how busy we are, especially at a time when all you hear in the news is doom and gloom. It just feels like the people of Yorkshire have decided to take those positive steps and move into property ownership.”
An ambitious bid to unlock the aspirations of a new generation of homebuyers and get Britain building thousands of new homes was unveiled by Prime Minister David Cameron this week.
The NewBuy Guarantee brings lenders, builders and the Government together to offer mortgages on new-build properties with much smaller deposits than currently required.
The deals include:
Barclays, who will offer 95 per cent Loan-to-Value mortgages on properties built by Barratt, Bellway, Bovis, Persimmon, Redrow and Taylor Wimpey at 4.99 per cent fixed rate for two years and 5.89 per cent fixed rate for four years;
Nationwide, who will offer 95 per cent Loan-to-Value mortgages on properties built by Barratt, Bovis, Bellway, Persimmon, Redrow and Taylor Wimpey at 5.69 per cent fixed rate for three years and 5.99 fixed rate for five years;
NatWest, who will offer 95 per cent mortgages on properties built by Barratt, Bellway, Bovis, Linden Homes, Persimmon, Redrow and Taylor Wimpey at 4.29 per cent fixed rate for two years and 4.99 per cent for five years.