Help to Buy is fuelling demand for new homes by local developer Summerfield at Bartletts Elm, near Langport, with the cost of monthly mortgage repayments often less than renting a similar property in the area.
Residential rents in Somerset are increasing with the average rent now around £870 per calendar month, and rents on a three-bedroom house often exceeding £920, according to property website Home.co.uk.
However, Help to Buy, the Government initiative that aims to help first time buyers (and existing homeowners) buy new homes with just a 5% deposit, is helping to make the cost savings of home ownership more accessible to a wider pool of people.
Depending on the mortgage package available, average monthly mortgage repayments, which are around £680 for Somerset according to the Centre for Economics and Business Research, can be considerably less than local average rent costs.
This upward trend in rents, combined with the introduction of Help to Buy, has seen a steady rise in demand for Summerfield properties, with first time buyers taking a keen interest in homes at Bartletts Elm near Langport.
Just ten plots remain to be sold from the total available of 52, at the popular development, which represents the final phase of Summerfield’s scheme to deliver contemporary homes with traditional country charm close to the historic river port of Langport and the pretty village of Huish Episcopi.
Richard Nicol, divisional sales director for Summerfield, commented;
“The UK faces a national shortage of housing and this is particularly the case in the South West with the result that high rents are the norm.
“Private renters in the region pay on average 35% of their earnings on rent – that’s the third highest rent-to-income ratio in the country. So it’s perhaps unsurprising that we have seen keen interest among first time buyers to take advantage of Help to Buy.
“Although mortgage costs vary depending on individual circumstances, some prospective buyers are able to buy a new home by accessing low cost loans from the Government with just a 5% deposit. And it’s this accessibility to low cost loans that has helped see demand rise for our new homes such as those at Bartletts Elm, with over 80% of these homes at Langport already sold.”
Homes available to buy at Bartletts Elm include one two-bed coach house, five two-bed homes, two three-bed homes and the final two remaining three-bedroom town houses in the whole development. The homes’ price tags range from £150,000 to £190,000.
As well as being accessible to those on lower to mid-level incomes, these homes are also in an attractive, rural setting, surrounded by countryside, yet close to the town of Langport.
With a focus on high energy performance as well as good looks, Bartlett Elm’s three-bed homes feature solar panels to supply hot water and all the homes benefit from high levels of insulation, gas fired central heating and double glazing. Each property has been carefully designed to complement its rural setting by using the traditional style and character features typical of the local area.
For further information about Bartletts Elm, or to request a brochure and plot locations, please visit www.summerfield.co.uk or contact one of the development’s estate agents Fox & Sons on 01823 286161 or Greenslade Taylor Hunt on 01458 520589.
Photo: the homes at Bartletts Elm