Miller Homes highlights the affordability factor

Getting onto the property ladder may be cheaper than you think – that is the message from Miller Homes East Midlands.

The award-winning housebuilder is aiming to highlight just how affordable purchasing a new home can be and, in most cases, how it is actually cheaper than renting, costing as little as £191 per week.

It follows research from the Halifax, which shows that the cost of buying a home in the UK is now almost a fifth lower than renting.

“There is certainly a misconception when it comes to the cost of getting onto the property ladder,” commented Paul Walters, regional sales manager for Miller Homes East Midlands. “Many first time buyers are put off by this and feel that they’re better off in rented accommodation.

“The fact is that they could be saving themselves a substantial amount each month and taking that all important first step onto the property ladder at the same time.”

Miller Homes offers a range of incentives aimed at supporting first time buyers. These include the Government-backed NewBuy scheme, which allows a home to be purchased with only a small deposit of 5-10%. Participating lenders then provide a 90-95% loan to value mortgage for those who meet the qualifying criteria.

FirstBuy is also available on selected homes across the region. Under this initiative, qualifying buyers can purchase 100% of their home by paying up to 80% of the value now, with both Miller Homes and the Government equally funding the remaining 20% in the form of an equity loan.

As an example of how affordable purchasing a new home can be, the three-bedroom Carsington style home is available at The Vales development in Bingham, Nottinghamshire, from just £191 per week when purchased via NewBuy. Priced at £156,950, the Carsington features an open plan kitchen and dining area with French doors into the garden and an en-suite master bedroom.

“Many people don’t realise the cost until you break it down in that way,” concluded Paul. “Incentives are in place to help bridge the deposit gap and help people on their way to saving money in the comfort of a new home.

“Factor in that new builds are much more energy efficient than most older properties, and how much that will save on energy bills, and it’s clear that getting onto the property ladder can be an affordable option.”

For more information on Miller Homes’ developments across the East Midlands and the support available to first time buyers in the region, visit millerhomes.co.uk.