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Cheaper to buy than rent at The Hedgerows

Britain’s biggest housebuilder says it is now cheaper to buy a brand new home at one of its new developments than it is to rent – thanks to a new Government –backed scheme.

Persimmon Homes says first-time buyers could purchase a brand new three-bedroom semi-detached home at its Hedgerow development in Rotherham for a monthly mortgage of just £470 using the Help to Buy scheme - £115 less than it would cost to rent the same home.

The housebuilder says the success of Help to Buy means there has never been a better time for first-time buyers to finally get their feet on the property ladder.

Simon Whalley, Sales Director at Persimmon Homes West Yorkshire, said latest figures showed it could now be 14 per cent more expensive to rent a home than to buy it.

“With the long-term forecast indicating that rent will continue to go up, there is no better option than to buy right now.

“At The Hedgerows development in Thurcroft we can help make it easier for prospective purchasers to take that all important step on to the property ladder and start investing in their own futures.”

Simon said three and four bedroom homes at The Hedgerows start from £139,950.

That can be reduced to £104,962 under Help to Buy, where the buyer meets 75 per cent of the cost and pays a five per cent deposit of £7,000. The Government then makes up the shortfall through an equity share loan.

Simon said that a new buyer could move in for a monthly mortgage of just £470 whilst it would cost up to £585 to rent the same home.

For more information about the homes at The Hedgerows, simply call 0843 538 7928 or log on to www.persimmonhomes.com.

This was posted in Bdaily's Members' News section by Amandeep Garcha .