DCSIMG

Skegness housing market receives Help to Buy boost

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The Government’s Help to Buy mortgage scheme has been credited with boosting the housing market in Skegness.

Sales have doubled in the first six months of this year compared to the same period in 2013 according to leading local house-builder Manorcrest Homes.

The company, which is developing the Lumley Fields estate in the town, credits joining the scheme in September for the boost in business.

Homes have been sold before being built with purchasers staying with friends or family until they can move in.

Sales and marketing manager Beverley Taylor said: “I have worked here nine years and never known a time like it in the housing market.

“Receiving accreditation to Help to Buy has loosened up the market and allowed natural sales to come through.

“The property market in rural and coastal areas is not the same as places like London and Manchester.

“Here house prices are rising by £2-3,000 not £10-15,000.”

A further 460 homes are due to be built at Lumley Fields in the current phase of the development, which is scheduled to continue for the next 10 years.

Residential development is limited in Skegness as it is designated part of the coastal flood hazard zone.

Planning permissions are in place for 499 houses in Skegness and 3,071 houses in the East Lindsey district.

Skegness MP Mark Simmonds released figures showing that 259 new homes have been built in the Skegness area in the last year with 41 families benefitting from Help to Buy.

Mr Simmonds said: “With new homes currently under construction more families will now be able to achieve their dream of owning their own home and enjoy greater financial security.

“Over 17,000 people have bought a home through Help to Buy and the number of first time buyers is at its highest since 2007.”

 

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