Member Article

Cheaper to buy than rent at Cloisters

Britain’s biggest housebuilder 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 last chance to buy one of its brand new one or two-bedroom apartments at their Cloisters development in Bridlington.

With only three apartments left at Cloisters, lucky househunters can purchase their starter home for a monthly mortgage of just £299 using the Help to Buy scheme – almost £100 less than it would cost to rent the same home.

The housebuilder says the success of Help to Buy means there has never been a better time for first-time buyers to finally get their feet on the property ladder.

Kevin Thubron, Sales Director at Persimmon Homes Yorkshire, said latest figures showed it could now be over 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 Cloisters development in Bridlington 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.”

Kevin said the last few one and two bedroom homes at Cloisters start at just £67,999.

That can be reduced to £54,399 under the Help to Buy scheme, where the buyer meets 75 per cent of the cost and pays a five per cent deposit of £3,399. The Government then makes up the shortfall through an equity share loan.

Kevin said that a new buyer could move in for a monthly mortgage of just £299 whilst it would cost up to £395 to rent the same home.

For more information about the homes at Cloisters, simply call 0843 375 7038 or log on to www.persimmonhomes.com .

This was posted in Bdaily's Members' News section by Amandeep Garcha .