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Cranbrook is ’Help to Buy’ hotspot

More local people are getting a foot on the property ladder in Cranbrook through the ‘Help to Buy’ scheme than almost anywhere in the country, according to Government figures.

East Devon’s new community of Cranbrook is one of the country’s top 'Help to Buy' hotspots with 101 loans in the EX5 7 postcode which covers the Cranbrook area, second only to a postcode in Humberside, which has 143.

Local people have been quick to take advantage of the mortgage support scheme, which allows people to buy houses (worth up to £600,000) with a five per cent deposit, with the Government providing an additional 20 per cent loan, on which there are no charges for the first five years.

It is exactly three years since the first turf was cut on site at Cranbrook and in Phase One of the town there are now over 700 completed homes, 276 children in the first primary school, a half hourly bus service and a well-used community centre. Popular choice Work has started on the country park and a new children’s play area is due to be completed imminently. A new train station, neighbourhood shops and a GP surgery are all due to be be operational within the next year.

The combination of upfront investment in community facilities and infrastructure, the variety of property types and styles on offer and the 'Help to Buy' programme has made Cranbrook a popular choice with people in East Devon and Exeter.

On a recent tour of Cranbrook, Housing Minister Kris Hopkins was particularly impressed with how Cranbrook was shaping up and how Government investment was helping to keep up build rates and support local jobs and apprentices.

Cllr Andrew Moulding, Deputy Leader of East Devon District Council, said:

“These ‘Help to Buy’ figures only go to prove what we already knew – that we can make a real difference for local people by working with Government to target policies and initiatives that support building new homes. Great news Looking closer, Help to Buy has assisting with the purchase of 19 of the shared ownership properties in Cranbrook, which is great news for first time buyers who may otherwise find themselves priced out of the market”.

Homes at Cranbrook June 2014

Work has now started on the education campus on Phase Two of Cranbrook, which will provide 420 primary school places with early years provision and up to 1,000 secondary places within one development and will be complete in September 2015.

Phase Two of Cranbrook will see a further 2,380 homes being built.

Issued by EDDC 30 June 2014