NEW built homes at Moorland Gate in Bishops Lydeard “are being snapped up” at a rate of one property per week, David Wilson Homes said.

Eight buyers reserved at the David Wilson Homes South West site on Taunton Road over the two months where sales totalled £3.56m.

Of those to purchase at the development, four come from the local area, three are from further afield in Somerset and one will move 170 miles from the capital.

75 per cent used the housebuilders’ Part Exchange scheme to buy.

Louise Ware, sales director for Barratt David Wilson Homes South West, said: “The pace of sales at Moorland Gate is a testament to its undeniable appeal which also underscores the unwavering strength and resilience of the housing market in Somerset.

“There’s a confidence amongst house hunters and mortgage rate fluctuations aren’t deterring buyers.”

Part Exchange is an option for those who have a home to sell so they can buy a larger property.

Two independent valuations are obtained from trusted estate agents and a fair price is agreed upon for the property with the homeowner.

The process can take less than six weeks.

A newly launched mortgage scheme is currently available at Moorland Gate.

The Rate Reducer scheme, run by Own New, allows buyers to take advantage of mortgage rates as low as 0.99 per cent which compares to average rates of more than five per cent on the open market.

Someone looking to buy a £300,000 new build property would need at least a 40 per cent deposit to be eligible for the cheapest 0.99 per cent two-year fixed rate via the scheme which promises rates not far from the record lows seen in autumn 2021.

Louise added: “This scheme will give buyers the financial boost they need to get them onto the property ladder.

“They’ll be able to compare all options available to them to make sure they get a mortgage product that is right for them and in their long-term financial interests.”

Moorland Gate is surrounded by countryside and overlooks the Quantock Hills.

It includes six acres of open spaces, and play areas, is within walking distance of local shops and village pubs, is five miles from Taunton, seven miles from junction 25 of the M5, and ten minutes to Taunton Train Station.