Why rent when buying could be cheaper
With news this week that tenants are facing a rent hike as inflation rises, Miller Homes sets to quell fears by illustrating just how affordable owning your own Miller Home is right now.
Michaela Lancaster, Miller Homes, Sales and Marketing Director for the North West explains: “With the news this week that Housing Association tenants are facing a second year of rent hikes as the Government revealed its highest rate of inflation for two decades. Rent increases of up to 6.1% could be on the way, making the average weekly rent for a Housing Association owned three-bed house rise to £93.37†. The private sector rents are already considerably higher with the average rent for a two-bed apartment running to £677 a month*, or £156 per week.”
“There have been buyers of Miller Homes whose monthly mortgage payments have worked out cheaper than rent. So you have to ask the question, why not look to buy?”
Why buy now…
Michaela added: “New home prices offer great value right now, and the market is stable and strengthening. Interest rates are at an all time low and there are more mortgage products available, making getting a mortgage offer considerably easier. If you wait for the market to rise you will have missed the best buys.”
“The truth is no one knows when house price rises will take off again. Just this week the Housing Minister Grant Shapps has said the Government needs to build more than 200,000 new homes a year. On the rules of supply and demand, pundits are now suggesting that it is not a question of ‘if’ but ‘when’ house prices will rise. Although a home is probably the largest purchase you will make in your life, it has to be considered first as a home and secondly as an investment.”
At Connaught Green in Anfield Miler Homes are offering the stylish ‘Castlewood’ 2-bedroom luxury apartment with en-suite and private courtyard parking at £69,950. They have deals for first time buyers, including the Government backed FirstBuy scheme. This could enable buyers to move into their new home for just 80% of the purchase price. This is a fabulous opportunity to get on to the property ladder.
Buyers that qualify for the FirstBuy scheme are offered an equity loan of up to 20% of the property value. This loan is jointly funded by Miller Homes and the Government and is interest free for the first five years, A further benefit of the scheme is that with a 4% deposit and a 20% equity loan, the mortgage requirement could be as low as 76%. This puts the buyers in a better position when applying for a mortgage. Full details are available from the marketing suite at the development.
‘Connaught Green’ offers a choice of property sizes, from 2-bed apartments up to 3 and 4-bed family Homes. There is a variety of incentives available on selected plots.
To see the show home and get full details of all the properties and incentives available, visit millerhomes.co.uk.
