Cheaper to buy than rent at Newton Farm
23 December 2013
Persimmon Homes says it is now cheaper to buy a brand new home at one of its developments than it is to rent – thanks to a new Government –backed scheme.
Persimmon Homes says first-time buyers have a chance to purchase one of the competitively priced Scottish Town range consisting of two, three and four bedroom homes at their Newton Farm development in Cambuslang.
Lucky house hunters can purchase their starter home for a monthly mortgage of just £347 using the Help to Buy Scotland scheme – over £200 less than it would cost to rent the same home.
The house builder says the recently launched Help to Buy scheme means that there has never been a better time for first-time buyers to finally get their feet on the property ladder.
Ingrid Gahagan, Sales Director at Persimmon Homes West Scotland, confirmed that the latest figures showed it could now be over 37 cheaper to buy than to rent the same type of property.
“With the long-term forecast indicating that rental costs will continue to go up, there is no better option than to buy right now.
"At our Newton Farm development in Cambuslang we can help make it easier for prospective purchasers to take that all important step on to the property ladder and start investing in their own futures.”
Ingrid said that the cost of a two bedroom home at Newton Farm start at just £119,995.
That can be reduced to £95,996 under the Help to Buy scheme, where the buyer meets 75 per cent of the cost and pays a five per cent deposit of £5,999. The Government then makes up the 20 per cent shortfall through an equity share loan.
Ingrid said that a new buyer could move in for a monthly mortgage of just £347 whilst it would cost up to £550 to rent the same type of property.