Why rent when you can buy in Bridgwater

Somerset’s leading 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.

Charles Church Severn Valley says buyers could purchase a brand new three-bedroom semi-detached house at Monks Rest in Stockmoor Village for a monthly mortgage of just £480 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 and next-time buyers to get their feet firmly on the property ladder.

Nicola Reed, sales and marketing director for Charles Church 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 Monks Rest development in Bridgwater 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.”

Three bedroom homes at Monks Rest start from £162,000. That can be reduced to £121,500 under the Help to Buy scheme, where the buyer meets 75 per cent of the cost and pays a five per cent deposit of £8,100. 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 £480 whilst it would cost up to £595 to rent the same home.