Cheaper to buy than rent at Blossom Meadows

Britain’s biggest house builder 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 house hunters could purchase a brand new three bedroom semi-detached house at their Blossom Meadows development in Bradford for a monthly mortgage of just £311 using the Help to Buy scheme – A whopping £203 less than it would cost to rent the same home.

The house builder 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.

Simon Whalley, Sales Director at Persimmon Homes West 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 Blossom Meadows development in Bradford 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.”

Simon said two, three and four bedroom homes at Blossom Meadows start from £124,450.

That can be reduced to £93,338 under the Help to Buy scheme, where the buyer meets 75 per cent of the cost and pays a five per cent deposit of £6,223. The Government then makes up the shortfall through an equity share loan.

Simon said that a new buyer could move in to a three bedroom apartment for a monthly mortgage of just £311 whilst it would cost up to £514 to rent a similar home.

For more information about the properties at Blossom Meadows, visit persimmonhomes.com.