NHS workers across Hull have received over £300k1 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 has seen great interest from prospective buyers in Hull, with 29 homes2 purchased using the NHS Deposit Contribution Scheme so far and 35% of all customers choosing to purchase in Hull and it’s surrounding areas.
The housebuilder has seen an overwhelming response to the scheme from first-time buyers across East Yorkshire, with first-time buyers making up 77% of those buying with the scheme. 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 recent Budget announcement, 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’s 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 £6903 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 rates4.
Paul Hogan, Sales Director at Barratt Developments Yorkshire East commented: “It’s brilliant to see that so many NHS workers in the Hull region 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.”
1 Total deposit boost value: Barratt Developments Yorkshire East £339,233
2 Total volume of sales using the NHS Deposit Contribution Scheme: Barratt Developments Yorkshire East, Hull region – 29 sales
3https://www.home.co.uk/for_rent/cottingham/current_rents?location=cottingham Average rent in Cottingham, £690 pcm
4 Calculations based on a property price of £169,995, using a 5% NHS Deposit Contribution and the government Help to Buy scheme. Total mortgage amount £494 over 30 years – 2.75% interest rate