Fairview's game-changing Save to Buy scheme that enables first-time buyers to save for their final deposit via fixed monthly payments while living in their new home, is coming to London.

The popular scheme first launched at the developer's Epping Gate development in Essex at the start of 2023 and has since had over 17,800 enquiries.

Following the scheme successful inaugural year, it's now set to launch in the capital for the first time at Fairview's Dock28 development in Woolwich.

Save to Buy monthly payments are based on the area's average monthly rent and the buyer's personal finances, of which 100% goes towards the buyer's deposit and/or affordability deficit on the Fairview home.

The scheme is designed to help first-time buyers who are struggling with record-high rental costs, with average rents in London hitting an all-time high of £2,627 pcm in Q3 last year according to Rightmove; 12.1% higher than the previous year.

Data from a recent survey conducted by Fairview New Homes of 1,000 UK adults aged 18-45 yet to purchase their first home, found that 90% of London renters believe the cost of renting has negatively impacted their ability to save for a deposit. This is up 7% from the previous year.

Chris Hood, Sales and Marketing Director at Fairview explains why the developer has decided to launch Save to Buy in London: “We were overwhelmed by the response to Save to Buy last year but in truth, not all that surprised when you consider the ongoing challenges that first-time buyers in this country face, and particularly in London.

“One of the queries we were most often met with was 'is it available in London?'. With our Dock28 development in Woolwich having launched in the second half of 2023 and four more developments to come this year in the capital, now felt like the right time to bring it to the city.”

“Our research found that over half (56%) of non-homeowners in the capital are not confident that they will be able to purchase their own home within the next two years. A year ago, this stood at 23%.

“Our hope is that by bringing Save to Buy to London we can speed up the dream of homeownership for a few of these people.”

In June 2023, Eleonora, 32, and Stan, 28, moved into their one-bedroom apartment, costing £339,000, after successfully applying for Save to Buy and in November, the couple officially completed and became homeowners for the first time.

Eleonora said: “It's crazy – at the start of the year (2023), our dream of owning our own home seemed so far away. Once we moved in, we always felt certain that this moment would come.

“We would've had to wait another three years to buy if it wasn't for Save to Buy.”

Save to Buy is available on select Fairview properties at Dock28 in Woolwich and Epping Gate in Essex, and can be found on the Fairview website here: Fairview.co.uk/savetobuy

Below are examples of Save to Buy terms and resulting deposit savings:

Who's eligible?

First-time buyers aged 18+, in full-time employment (for a minimum of three months) with minimum savings of 1% of the value of the house they wish to buy. You will need to be qualified by a third-party financial advisor to confirm affordability and credit score.

What deposit do I need in order to secure a Save to Buy home?

You only need a 1% deposit to get started once you have qualified for the scheme.

How long can I use Save to Buy for?

The maximum term a buyer can use this scheme is two years, although Fairview expects most to complete their home purchase within six-12 months.

What type of house can I buy?

Fairview's Save to Buy scheme is available on selected plots in developments in London and Essex, depending on availability. All Save to Buy Fairview homes currently available can be found here: https://www.fairview.co.uk/buying-with-fairview/save-to-buy/

When is the deadline to use this scheme?

There is currently no deadline and Save to Buy will run on an ongoing but not indefinite basis. Its suitability will be regularly assessed by Fairview.

Can I pay more in my fixed monthly deposit payments in order to complete the purchase quicker?

Absolutely. You can either pay the minimum fixed term or pay an increased amount agreed with Fairview. If you find you are able to complete the required deposit sooner than expected, you are under no obligation to remain in the Save to Buy term if you'd like to complete sooner. There's always ways Fairview can help to complete sooner.

What if my circumstances change?

You will be advised to speak to your sales advisor as all situations will be treated on an individual basis. If a buyer decides not to proceed with the property purchase after exchanging, the 1% deposit will be refunded, however monthly deposit payments made to date would not be returned.

How much of the property will I own once completed?

You will own 100% of the property. Once legally completed, Fairview will have no share of the property – it's all yours to make into a home.

How do I apply?

Get in touch with a member of the Fairview Save to Buy team on sales@fairview.co.uk or call 020 8023 7092.

What's the catch?

It will be first-come-first serve, so Fairview encourages people to register their interest and talk to a member of the team as soon as they can as they are expected to be snapped up quickly. Plots will likely be released throughout the year, so if you are not in a position to take part right away you will be added to a waiting list.

For more information on the Save To Buy scheme, visit Fairview's website.

• End  -

For further press information, please contact:
Samantha Dymond / Dylan Smart / Olivia Hazelden-Kingdon
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.

Fairview prides itself on helping first-time buyers get on the property ladder and builds affordable homes which are perfect for those looking to take their first step into home ownership. The Save to Buy scheme is just the latest way it's helping first-time buyers.

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

Facebook: www.facebook.com/FairviewNewHomes 

Instagram: www.instagram.com/fairviewnewhomes