FIRST-time buyers are starting to see the benefits of Help to Buy schemes getting them on the property ladder in Basingstoke.

As part of one of the town’s new developments, the Chapel Gate development, in Chapel Hill, has seen housebuilder Barratt Homes and VIVID housing association roll out schemes such as Help to Buy and Shared Ownership to help first time buyers.

Recently deputy leader of Basingstoke and Deane Borough Council, Councillor Terri Reid, visited the site to see the benefits of the scheme and meet some of the new residents.

Cllr Reid said: “It is really great news for local first-time buyers here in Basingstoke that schemes like Help to Buy and Shared Ownership are going to receive further financial backing from the Government.

“Both schemes are proving especially popular with those struggling with some of the upfront costs of homeownership, such as a deposit, and help give buyers a much-needed boost on the housing ladder. I was very impressed with the range of homes available at Chapel Gate and it is clear that this Government support is already benefitting aspiring homebuyers here in Basingstoke This recent budget announcement means that even more buyers will be able to take advantage of this much needed funding.”

Cllr Reid’s visit to the site coincided with the budget announcement last Monday, where the chancellor of the exchequer announced that he would be extending Help to Buy for a further two years and will also be removing stamp duty costs for all Shared Ownership purchases.

Chapel Gate is a development of 600 homes by Barratt Homes and VIVID Housing Association, ranging from one-bedroom apartments to four-bedroom family homes and launched just two years ago.

Mike Shepherd, VIVID Director of New Business and Development says: “Our partnership with Barratt Homes at Chapel Gate also includes 248 affordable rent and shared ownership opportunities, so the scrapping of stamp duty for shared ownership homes up to £500,000 is great news that’ll offer bright futures for more of our customers.”

Already over half way through the development, when finished, Chapel Gate will offer homebuyers a thriving community with a range of open green spaces.

The next phase of construction will see the iconic White Building undergo a complete transformation into a range of art-deco styled apartments, retaining many of the original features from its time.

There will be 96 apartments overall.

The impressive building, well known to many in the local area, will remain sympathetic to its historical past and will be sensitively converted into 96 one and two-bedroom apartments, and will be released for off-plan sale at the end of the year.