How to avoid soaring rental prices in Middlesbrough
It might be doom and gloom for tenants, but for would-be homeowners, there’s never been a better time to buy in Middlesbrough.
As rents continue to soar – rising by a whopping 40 per cent in the last year alone according to the Royal Institute of Chartered Surveyors (RICS) –investing in a property of your own now makes more financial sense than ever.
And with a range of incentives in place to make buying affordable, it’s new build properties that are stealing a march on the rest of the market.
A combination of 5% deposit paid, Deposit Match and Easystart shared equity deals – allowing buyers to own 100 per cent of their home for just 85% of the price – is helping national housebuilder, Taylor Wimpey, attract a steady stream of prospective purchasers.
Debbie Whittingham, sales and marketing director for Taylor Wimpey North Yorkshire explained: “We are seeing a shift in the rental versus buying debate.
“While in the past renting could be an affordable option, recent price increases are putting even the smallest homes beyond the reach of many tenants. Many are starting to question the advantages of a monthly mortgage over a monthly rent and see rent as dead money.
“At the same time housebuilders, including ourselves, are offering a great range of deals that make buying the option, which makes sense.
“For those worried about the initial outlay of a deposit, we offer to pay a 5% deposit or match a deposit you have already saved, subject to conditions.”
“Unlike renting, each mortgage payment you make is an investment and with a fixed deal you will know what you’re outgoings are for years ahead – an important security in these financially-straightened times.
“In future, with rents set to rise even higher, more and more people will struggle to find a rental property within budget and look to buying as the better option.”
The RICS survey also revealed that the cost of renting rose across every UK region this year - with more price hikes to come.
In the meantime, it seems it really will be a buyers’ market.
Taylor Wimpey is currently building a great selection of luxury apartments, terraced, semi-detached and detached properties in Middlesbrough – with prices starting at just £94,950.
The Bridgewater View and Scholars’ Rise developments cater for all stages of buyer – including families, young professionals, couples and friends sharing – the spacious homes offer fantastic value for money in an extremely central location.
The developments are perfect for commuters, being close to Middlesbrough train station, with frequent trains to Manchester, Leeds and York. The A66 and A19 are also close by, offering links to the A1M, Darlington and Newcastle.
For further information about Bridgewater View, visit the sales information centre, on Douglas Street, Middlesbrough. For more information about Scholars’ Rise visit the development on Marton Road, both developments are open Thursday to Monday 10am until 5.30pm.
