Time is right for first time buyers in Bilston

Experts are advising first time homebuyers in Bilston to consider making the move into home ownership as the cost of renting is steadily increasing.

Statistics show that renting prices are at a three year high due to a fall in the number of buy-to-let properties on the market*.

This means that with the current interest rate reductions and offers like the Government’s popular HomeBuy Direct scheme - which enables qualifying first time buyers to purchase a new home with a mortgage for just 70 per cent of its market value - buying a new home could be more reasonable than renting.

According to housebuilder Morris - the developer behind the Claremont development, a renovated Grade II listed building off Wellington Road – now is the perfect time for first time buyers to consider getting a foot on the property ladder.

Julie Smith, regional sales director for Morris, said: “Renting can sometimes seem like the only option, but first time buyers need to be aware that the Government led HomeBuy Direct scheme really is the opportunity of a lifetime and can save you thousands of pounds.

“Not only does it cut down the size of your deposit considerably, it also means that the cost of your monthly mortgage repayments is cheaper than the average price of renting the same property in the area.”

Morris currently has a selection of one and two bedroom apartments available in the recently renovated building under the HomeBuy Direct scheme starting from just £74,725**.

For more information about the development, visit the sales office (open Thursday to Monday between 9.30am and 4.30pm) at Claremont, Wellington Road, Bilston, WV14 6DA.

*Press Association, November 2010.
**Price quoted is 70% of the marketed price on selected homes under the HomeBuy Direct scheme. Subject to terms and conditions. Price is correct at time of going to press.