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East Midlands Chamber News

First-time buyers urged to escape the rental trap

Mansfield-based housebuilder Rippon Homes is urging first-time buyers to escape the rent trap and invest in a property of their own, and save money in the process.

The firm, which has a selection of three bedroom houses for sale in the town at its Heathside Gardens development, says that with the Government-backed Help to Buy scheme, buyers only need a small deposit so the high cost of rent doesn’t have to prevent them from getting on the ladder.

Plus with rents on the rise, homeownership could work out cheaper than renting.

According to research by Shelter, it’s problem that many first-time buyers face, with 66% saying they have no money left to save for a deposit after their rent is paid. Another 49% told the bank, Santander, that they had given up on owning their own home.

But the Managing Director of Rippon Homes, Ian Dyke, says there is no need to relinquish the dream.

He said: “We’ve got to dispel the myth that people are trapped if they rent. The Government introduced Help to Buy two years ago to help combat this very problem and potential buyers should take advantage of the scheme while it’s still available. In fact mortgage lending to first time buyers in on the increase.

“Not only does Help to Buy enable people to put down a smaller deposit, but it could also equal mortgage payments that are cheaper than rent, so our very British goal of having your own front door is absolutely a reality.”

According to Rightmove a typical three bedroom property in Mansfield is available to rent for £585 but with Help to Buy, a three bedroom house at Rippon’s Heathside Gardens development on Jubilee Way could be bought for £76 per week, that’s less than £350 per month.

Ian concluded: “It’s obvious – what people are currently paying in rent could be going towards a home of their own, so we’re urging the many people who rent in Mansfield to come and talk to us today about how we can help make the dream of homeownership a reality.”