Why rent when you can buy?
There are a number of challenges currently facing those who are hoping to break into the property ladder, including high deposits. Figures recently revealed by Halifax show that more people are now renting properties than ever before, meaning that trying to save for a deposit whilst paying rent is making the move to owning property more difficult.
However, getting onto the property ladder in Taunton is now more affordable than you might think and can be cheaper than renting thanks to the introduction of the Government’s Help to Buy scheme.
According to award-winning housebuilder Crest Nicholson, and new build specialists The New Homes Group, Taunton homebuyers could save over £200 per month by purchasing a new home of their own.
The average monthly price of renting a three bedroom house in Taunton is £750, and £850 for a four bedroom property. This compares to monthly mortgage repayments of just £545 and £637 respectively when purchasing with Help to Buy at Crest Nicholson’s Silk Meadows development.
Help to Buy is the new Government funded initiative that can help you buy a new home with a low deposit. With Help to Buy you need only a 5% deposit and 75% mortgage, the remaining cost of the property is funded by a 20% equity loan from the Government.
Adam Champion, Sales Director at The New Homes Group commented: “The amount of lending from banks has decreased in recent years, which has made it more difficult for people to buy into the housing market. Although renting may be a good short term option, it will never ensure that you own your own home.
“Help to Buy really is a great way to get onto the ladder, whether it’s your first property, or you’re hoping to get back into the market after renting for a while. There are a number of banks and building societies that support the service, so it’s definitely worth seeing if the scheme can help you.”
Laura Osborne, Senior Sales Manager for Crest Nicholson, added: “We know it can be very difficult to save for a deposit, especially if you are paying rent on a property. The great thing about the Help to Buy scheme is it allows those who don’t have a sizeable amount of savings but are eligible for a mortgage to buy their dream home. If you’re looking to move in Taunton, I’d strongly recommend coming in to see our sales team at Silk Meadows to find out how affordable owning your own home really can be.”
Under the Help to Buy scheme, prices at Silk Meadows start at £125,600 for a two bedroom Sandown, £139,200 for a three bedroom Huntingdon and £172,000 for a four bedroom Warwick.
For more information, visit crestnicholson.com.
