Cheaper to buy than rent in Frome

Potential first time home buyers in Frome could be financially better off buying a property rather than renting, so says Persimmon Homes Wessex.

According to Persimmon, rent on a one bedroom apartment in the town costs around £500 per calendar month. However, with the Government-supported FirstBuy scheme, would-be-buyers could buy a similar new build property at Valley Heights, Persimmon’s development off Adderwell Road, and pay significantly less in mortgage repayments – repaying their own mortgage as opposed to rent to a landlord in the process.

For example, with FirstBuy, the one bedroom apartment at plot 128 at Valley Heights is priced at just £95,000. Based on figures from Persimmon’s nominated independent financial adviser, buyers could expect to pay, on average, just £321.80 per calendar month in mortgage repayments, which equates to an average saving of more than £178 per month*.

Pauline Fletcher, sales director for Persimmon Homes Wessex, said: “Anyone who is frittering away money in a rental property thinking they can’t afford a new home of their own and can’t stretch to taking out a mortgage, needs to talk to us as many people’s rent is often more than repayments.

“Competitive house prices, home moving schemes including FirstBuy and an all time low interest rate of just 0.5 per cent means it’s a buyers market and that purchasing has never been so easy, or affordable.”

FirstBuy is offered through equity loan funding of up to 20 per cent of the purchase price split equally between the Homes and Communities Agency and Persimmon, with purchasers being required to raise funding (a mortgage plus deposit) of at least 80 per cent of the purchase price.

Valley Heights is situated in historic Frome, a town of enormous charm with its steep winding streets and wealth of beautiful buildings. There's excellent shopping on offer in the town with its numerous high street chains, whilst the Catherine Hill area is renowned for its specialist shops.

Ideal for commuters, the development is located just off the A36 with Trowbridge, Westbury and Warminster nearby and the M4 within easy reach.

For further information about the range of homes available at Valley Heights, visit persimmonhomes.com.

* Based on raising a four per cent deposit, mortgage over 30 years with an interest rate of 3.44 per cent