Cheaper to buy than rent at Waterside

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 could purchase a brand new two-bedroom apartment at their Waterside development in Louth for a monthly mortgage of just £287 using the Help to Buy scheme - £115 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 Waterside development in Louth 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 two and three bedroom homes at Waterside start from £86,999*.

That can be reduced to £69,599 under the Help to Buy scheme, where the buyer meets 75 per cent of the cost and pays a five per cent deposit of £4,350. The Government then makes up the shortfall through an equity share loan.

Kevin said that a new buyer could move in to a two bedroom apartment for a monthly mortgage of just £287 whilst it would cost up to £402 to rent the same home.

For more information about the homes at Waterside, log on to persimmonhomes.com.