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1 April 2011
Helping hand for first time buyers in Tamworth
Experts are advising first time homebuyers in Tamworth to consider making the move into home ownership as the cost of renting continues to increase.
Latest statistics* show that more than four people were chasing every rental property available during the final quarter of 2010 as demand from potential tenants remains high.
As a result, nearly a third of landlords have hiked their rent prices by a massive four per cent as the supply of rental properties fails to meet the demand.
According to housebuilder Morris - the developer behind Castle Gate, off Marlborough Way – by taking advantage of schemes like the Government’s HomeBuy Direct scheme, buying a new home could now cost less than renting.
The popular HomeBuy Direct scheme, which enables qualifying first time buyers and key workers to purchase a new home with a mortgage for just 70 per cent of its market value, is available on selected properties at Morris’ Castle Gate development.
Julie Smith, regional sales director for Morris, said: “People are starting to get savvy when it comes to judging what’s right for them in the housing market and weighing up the true cost of owning versus renting.
“With schemes like HomeBuy Direct, first time buyers can get onto the property ladder without the hassle of having to save for years, just for the deposit.”
Experts will be on hand at Morris’ Castle Gate development on Saturday 16 and Sunday 17 April to offer advice to first time buyers.
An independent financial advisor will be available to speak to people at the development, off Marlborough Way, between 10.30am and 5.30pm on both days to guide first timers through the process of buying a new home, offer advice on different mortgage types and advise them on the best deals available.
Morris currently has a selection of one, two and three bedroom properties available under the HomeBuy Direct scheme at Castle Gate starting from just £80,325**.
* According to the UK’s biggest letting agent Countrywide.
**Price is correct at time of going to press. Price quoted is a percentage of the marketed price on selected homes. Repayment is a percentage of the resale or market value after 10 years. Subject to terms and conditions.
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Latest statistics* show that more than four people were chasing every rental property available during the final quarter of 2010 as demand from potential tenants remains high.
As a result, nearly a third of landlords have hiked their rent prices by a massive four per cent as the supply of rental properties fails to meet the demand.
According to housebuilder Morris - the developer behind Castle Gate, off Marlborough Way – by taking advantage of schemes like the Government’s HomeBuy Direct scheme, buying a new home could now cost less than renting.
The popular HomeBuy Direct scheme, which enables qualifying first time buyers and key workers to purchase a new home with a mortgage for just 70 per cent of its market value, is available on selected properties at Morris’ Castle Gate development.
Julie Smith, regional sales director for Morris, said: “People are starting to get savvy when it comes to judging what’s right for them in the housing market and weighing up the true cost of owning versus renting.
“With schemes like HomeBuy Direct, first time buyers can get onto the property ladder without the hassle of having to save for years, just for the deposit.”
Experts will be on hand at Morris’ Castle Gate development on Saturday 16 and Sunday 17 April to offer advice to first time buyers.
An independent financial advisor will be available to speak to people at the development, off Marlborough Way, between 10.30am and 5.30pm on both days to guide first timers through the process of buying a new home, offer advice on different mortgage types and advise them on the best deals available.
Morris currently has a selection of one, two and three bedroom properties available under the HomeBuy Direct scheme at Castle Gate starting from just £80,325**.
* According to the UK’s biggest letting agent Countrywide.
**Price is correct at time of going to press. Price quoted is a percentage of the marketed price on selected homes. Repayment is a percentage of the resale or market value after 10 years. Subject to terms and conditions.
