Affordability in the heart of Derby

Award-winning housebuilder Miller Homes East Midlands is urging people to think more about how buying a new home is a cost-effective alternative to renting.

Miller Homes, which is this year celebrating its 75th anniversary, has completed a price comparison survey using rental figures from Rightmove which reveals that new homes are becoming more and more affordable, particularly with the help of Government-backed schemes.

For example, at Miller Homes’ Centro West development in the heart of Derby, a two-bedroomed apartment priced at £152,950 could cost as little as £114,712 under the HomeBuy Direct scheme, which allows people to initially pay 70 per cent of its value but still own 100 per cent of the home.

This would make a monthly mortgage payment around £536.18, whereas typically, to rent a two-bedroomed apartment in a similar central Derby location, a tenant could expect to pay between £600 and £650 a month.

Joy Goodman, sales director for Miller Homes East Midlands, commented: “Our comparisons are evidence that buying your own new-build home and getting on the property ladder can be more affordable than renting.

“If people are looking for somewhere to live, it’s time that they take a fresh look at new homes, which have the added benefit of being ready to move into without any work being required at all. And you can make it your home without having to seek permission from a landlord to put pictures up!”

Buyers who qualify for the Homebuy Direct scheme – households with a combined income of less than £60,000 a year – have the opportunity to purchase 100 per cent of their home by paying 70 per cent of the value, with both Miller Homes and the Government equally funding the remaining 30 percent.

The 30 per cent equity loan will only become repayable after 25 years or when the customer sells their home, whichever comes first.

Joy continues: “The Homebuy Direct initiative has been structured in such a way that they remove the worries about affordability, giving people extra confidence when buying new.”

For more information, log on to Millerhomes.co.uk.