Help to Buy scheme saves Sheffield couple £200 per month

The Government-backed Help to Buy scheme has been praised by one Sheffield couple after helping them to buy their first home together and saving them over £200 per month compared to renting.

Steven Yuen (27) and his partner, Serena Wong (25), thought home ownership was beyond their reach but after enquiring about new homes at Sheffield Housing Company's (SHC) development at Cutler's View on the Norfolk Park site, off Park Spring Drive, they are now proud owners of a brand new three-bedroom home.

The couple had been renting a two bedroom flat on West Street in the city centre for the last three years and didn't think they could afford to buy their own home.

With only a 5% deposit, they were given a five-year interest free loan covering 20% of the value of the property.  The remaining 75% of the property's value has been funded through a mortgage.

Steven, who works as an account manager for a marketing company in the city, said: “We didn't think we could afford to buy our own home but after visiting the development and speaking to the homes sales executive about what homes and finance options were available to us, we found that we could afford a three bedroom home.”

“The Help to Buy scheme has not only helped us to get a foot onto the property ladder – we have also been able to save £200 per month compared to what we were paying in rent.  As these homes are brand new, they are greener and better insulated, which also means we save money on our fuel bills too so we are really pleased.

“We are really happy living here and have already recommended this development to other friends.”

The couple, are one of many first time buyers who have bought a brand new home at a SHC development across the city.  SHC is a partnership between Sheffield City Council, housing developer Keepmoat – which is building the homes - and Great Places Housing Group. The plan is to build 2,300 new homes in seven of Sheffield's most vibrant neighbourhoods over a 15 year period.

The development at Cutler's View will see the construction of 305 new homes and provides buyers with 12 different house types from which to choose, including a mixture of two, three and four bedroom homes, making it ideal for first time buyers like Steven and Serena, professionals and families.

Current prices on the development range from £147,995 to £169,995 with Help to Buy available on all homes.  These high quality, sustainable and energy efficient properties have been designed to the highest standard and are light and spacious, with private gardens and parking.

A wide range of eco technology has also been used in designing the homes, which are being built to the Government's Code for Sustainable Homes levels 3 and 6.  They will achieve BREEAM ‘very good standard' status (the world's leading design and assessment method for sustainable buildings).

Vanessa Burling, Keepmoat New Build Sales Director in Yorkshire, said: “The Government's Help to Buy scheme has enabled lots of first time buyers to get onto the property ladder.

“Our homes at Cutler's View bring affordable and aspirational homes to this part of the city and are putting the dream of home ownership within reach for people like Steven and Serena.

“Cutler's View is in an excellent location with the M1 and M18 motorways within easy reach of the development.  The Meadowhall shopping centre is less than five miles away and there is a good selection of schools nearby.”

Tom Fenton, SHC Project Director, commented:  “Help to Buy is proving a popular option on our developments – making homes more affordable and helping more people get on to the property ladder, which is one of the key aims of the initiative.”

For more information or to make an advanced reservation on your dream home, please visit Keepmoat's sales office at Cutler's View, Tower Drive, Off Park Spring Drive, Sheffield, S2 3RE between 10.00am and 5.00pm Thursday to Monday.  Alternatively, please call Keepmoat's home sales executive on 0114 299 8273 or visit www.keepmoat.com