With new figures revealing that people renting a home in England and Wales are shelling out £791 a month - buying a brand new home can be a cheaper option, say Linden Homes North.
A brand new two or three bedroom property at one of their development’s across the region can actually save money on a monthly basis – in some cases, several hundreds of pounds.
According to the latest buy to let property index, rents across England and Wales have increased by an average of three per cent over the last year – rising to £791, equating to an extra £25 per month for the average tenant.
Mortgage and financial experts from New Homes Mortgage Helpline have been number crunching on behalf of Linden Homes North to demonstrate the savings home hunters can make when opting for buying over renting.
The figures are based on a five per cent deposit using the Help to Buy scheme (under which the government will lend buyers up to 20 per cent of the value of the property through an equity loan) – based on 1.79 per cent mortgage repayments over 30 years. *
Examples include:
- Two-bedroom home at the Copperfields development in Malton, North Yorkshire -
£159,950 – deposit £8,000 – monthly repayment £430 – saving of £361 on the average rent repayment.
- Two-bedroom home at The Balk development in Pocklington, East Yorkshire - £169,950 - deposit £8,500 – monthly repayment £460 – saving of £301 on the average rent repayment.
- The bedroom semi-detached at Bradley Meadow in Market Weighton, East Yorskshire - £179,950 - deposit £9,000 - monthly repayment £485 – saving of £306 on the average rent repayment.
Linden Homes North sales manager Julie Hubbard said: “Based on these figures, there is clear evidence that in many cases, buying a brand new home is a win/win situation. There is money to be saved on buying something that the purchaser will own outright, the chance to curb the cost of moving through new homes incentives, and all the many benefits of owning a new home in a great location.”
* Figures based on a typical help to buy mortgage product available as at 11/5/16 and is purely for illustration purposes
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For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk
