Hundreds of homebuyers in Gloucestershire have been some of the fastest to take up the first phase of the Government's Help to Buy scheme, according to a national housebuilder.
Bovis Homes said first-timers and other buyers in the county were benefiting from the Help to Buy equity scheme which was showing no signs of easing in popularity.
The developer's comments follow Chancellor George Osborne's announcement that the first phase, which has recently celebrated its first birthday, would be extended until 2020.
Bovis Homes has joined Property Life and Homebuyer's campaign On The Move... Help to Buy.
The campaign aims to encourage potential homebuyers into a new property by explaining the Government scheme. It is being backed by Bovis Homes, which has five developments in the county and The Property Centre, which has offices in Gloucester, Cheltenham and Stroud.
Speaking from the housebuilder's Bishop's Cleeve regional offices, Supriya Ray, managing director of Bovis Homes' Western region, said: "As far as we are concerned, Gloucestershire homebuyers have been among the quickest to pick up on the benefits of Help to Buy, whether that be first-timers or people looking to move up the property ladder.
"The opportunity to buy a new home with just a five per cent deposit, a Government loan and a 75 per cent mortgage, combined with the current historically low levels of interest rates is too good for many county buyers to turn down.
"This equity scheme is not available for second-hand properties. For people feeling frozen out of the Gloucestershire market and holding back from buying a home, Help to Buy seems to have given them the impetus to make their move into a new home.
"The scheme has been used by hundreds of buyers across Gloucestershire in its first year and I would advise people who have been waiting for changes in the market to take a close look at Help to Buy and see if it is the right option for them."
Bovis Homes is building a range of new homes at The Homelands in Bishop's Cleeve, Glevum Oaks and Centurion View at Cooper's Edge, Gloucester, Copeland Park in Tuffley and Victory Fields in Upper Rissington and Help to Buy is being used widely at all of them.
For more information about Bovis Homes developments in the area and Help to Buy, visit www.bovishomes.co.uk.
Do you have a question for Supriya or The Property Centre? Email firstname.lastname@example.org or tweet @GlosHomebuyer. To read about tomorrow's live Twitter session with Bovis Homes and The Property Centre, click here.
Under the shared equity part of Help to Buy, the purchaser receives a 20 per cent equity loan from the Government and needs just a five per cent deposit and a 75 per cent loan-to-value mortgage to move into a new-build house.
The loan is interest-free for the first five years and is repayable within 25 years or when the home is sold.
The broad qualification criteria makes it available to all types of homebuyers – not just first-timers – with no income cap and a maximum house price of £600,000. The scheme is backed by top high street lenders, offering a wide choice of mortgages to borrowers.