• Incentive follows news of the Stamp Duty tax cut, resulting in potential savings of up to £15,350 for Fairview first-time buyers
• Fairview data reveals 25% of the UK's first-time buyers will find a Stamp Duty cut one of the most valuable forms of support once the Help to Buy scheme ends
• 52% of Fairview's one- and two-bed apartments currently available are now Stamp Duty free, and require just 5% deposit for first-time buyers using the Help to Buy scheme if reserved before the 31 October deadline

Fairview New Homes, the first-time buyer developer of choice, is from today offering up to £10,000 deposit top up to all those wishing to purchase a home at any of its seven developments across London and the Home Counties.

The incentive is introduced to complement the Government's permanent Stamp Duty tax cut as part of Fairview's commitment to go one step further to make home-buying more attainable, particularly for first-time buyers.

The deposit top up, available to all buyers and up to £10,000, means Fairview buyers can benefit from a saving potential of up to £15,350**, combined with the Stamp Duty savings.

Chris Hood, Sales and Marketing Director for Fairview said: “We know from surveying first-time buyers across the UK that a quarter (25%) of first-time buyers nationally, and over a third (35%) of Londoners believe a Stamp Duty cut is one of the most valuable forms of support once the Help to Buy scheme ends this October, highlighting just how important and well timed this decision was.

“Currently 52% of our one- and two-bed apartments on the market fall under the first-time buyers Stamp Duty price cap of £425,000, meaning those who were forced to delay their house purchase to save to cover Stamp Duty costs can now progress more quickly, and potentially still benefit from the Help to Buy scheme.

“In our commitment to help first-time buyers after the scheme ends, we are offering all buyers up to £10,000 towards their home buying deposit. We hope this will be an extra helping hand for those eager to buy but struggling to save.”

Over 87 Fairview properties in London and Essex are also still available within the Help to Buy scheme, meaning those that reserve before the 31 October deadline will also benefit from either a 40% or 20% equity loan respectively from the government and required to pay just a 5% deposit, being as little as £14,500 for a studio apartment in West London.

Cost savings for first-time buyers using the Help to Buy scheme include:

Hood concludes: “Previously buyers across the UK would've paid Stamp Duty on a property worth over £300,000. With that threshold now raised, first-time buyers can purchase more without having to worry about having enough money to cover Stamp Duty. If you combine this with the 20% equity loan and 5% minimum deposit from the Help to Buy scheme, it's a real boost for first-time buyers, with only a little over a month left of the scheme.”

The Stamp Duty Holiday brought in two years ago proved to be a huge help to many Fairview buyers, like Shenez and Hycham, a young couple expecting their first child, who purchased a two-bed flat at Regency Heights in Park Royal in April 2021. Shenez said: “It definitely encouraged us to speed up the process, instead of waiting for Hycham's commission to come through as originally planned, we tried to find any way possible to buy a flat before the Stamp Duty Holiday ended! We are glad we did!”

Like many young couples, Shenez and Hycham decided to live with parents in order to save a deposit before purchasing their first home. The couple rented a flat with Shenez's mother for two years in Shepherd's Bush, during which time they were able to save, and pool together a £40,000 deposit.

Notes to Editors:

*Up to £10,000 Selected plots only, not to be used in conjunction with any other offers. Speak to Sales Team for more details.

**This is based on a pre-23 September 2022 Stamp Duty cost of £5,350 which would have needed to be paid by a first-time buyer to purchase a two-bed-apartment at Brentwood Acres, at the value of £407,000. That same buyer would now pay zero tax, and receive £10,000 deposit top up.

***https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/june2022

For further press information, please contact:
Yasmine Triana / Arabella Halfhide / Dylan Smart / Olivia Hazelden-Kingdon / Dzifa Ahorlu

Rooster PR
T: +44 (0)20 3440 8934
E: Fairview@rooster.co.uk

About Fairview New Homes

Fairview New Homes has built homes in and around London for over 60 years. Known for its ability to build good value homes in undiscovered spots of London, Fairview benefits from utilising its own contractors to keep costs down and guarantee a more reliable turnaround from reservation to picking up the keys.

It's for this reason that Fairview is one of few developers in London and Essex that has a healthy stock of Help to Buy homes available, as it's able to complete building the homes by the end of December, in line with the scheme's eligibility requirements.

Fairview has helped almost 2,700 people to buy a home with Help to Buy since it began in 2013. Since the 2021-2023 scheme was introduced in December 2020, which is applicable only to first-time buyers, Fairview has helped 1,100 first-time buyers to onto the property ladder using the scheme.

Current Fairview New Homes developments with Help to Buy available include (as of 20th of  September 2022):

Kingston East
New Malden, KT3 3SW: 29 remaining
https://www.fairview.co.uk/developments/kingston-east/

NewHayes
Hayes, UB3 3NB: 33 remaining
https://www.fairview.co.uk/developments/newhayes/

Edgwarebury Manor
Edgware, HA8 8JP: 12 remaining
https://www.fairview.co.uk/developments/edgwarebury-manor/

North Seven
Islington, N7 0LR: 8 remaining
https://www.fairview.co.uk/developments/north-seven/

Brentwood Acres
Brentwood, CM13 3BW: 2 remaining
https://www.fairview.co.uk/developments/brentwood-acres/

Epping Gate

Loughton, IG10 3SA: 3 remaining

https://www.fairview.co.uk/developments/epping-gate/

For information on Fairview New Homes, visit: www.fairview.co.uk 

Facebook: www.facebook.com/FairviewNewHomes 

Instagram: www.instagram.com/fairviewnewhomes