Why rent when you can buy in Gloucestershire
25 November 2013
Persimmon Homes Severn Valley 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.
The leading Gloucestershire housebuilder says buyers could purchase a brand new four-bedroom townhouse at Manor Park in Quedgeley for a monthly mortgage of just £599 using the Help to Buy Scheme – almost £250 less than it would cost to rent the same home.
The success of Help to Buy means there has never been a better time for first-time and next-time buyers to get their feet firmly on the property ladder.
Nicola Reed, sales and marketing director for Persimmon Homes Severn Valley, said latest figures showed it could now be almost 30 per cent more expensive to rent a home than to buy it.
“With the long-term forecast indicating that rent will continue to go up, there is no better option than to buy right now.”
"At our Manor Park development in Quedgeley 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.”
Four-bedroom homes at Manor Park start from £185,000. That can be reduced to £148,000 under the Help to Buy scheme, where the buyer meets 75 per cent of the cost and pays a five per cent deposit of £9,250 The Government then makes up the shortfall through an equity share loan.
Nicola said that a new buyer could move in to a three bedroom house for a monthly mortgage of just £599 whilst it would cost up to £849 to rent the same home.