Miller Homes West Midlands is showing just how affordable owning a new home in the region can be by comparing it to the cost of a weekly grocery shop.
Research from consumer body Which? shows that the average cost of a food shopping bill in Britain is £76.83 a week. For just £7.97* more, figures from an independent mortgage adviser show that buyers can purchase a new, two bedroom apartment at Miller Homes’ popular Miller Central development in Birmingham via the new Help to Buy scheme.
Help to Buy was unveiled by the Chancellor as part of this year’s budget and is designed to help those who only have a deposit of 5%. For those who meet the qualifying criteria, the Government provides a 20% equity loan, meaning that the buyer only has to secure a mortgage for up to 75%.
By using Help to Buy to purchase a two-bedroom apartment, buyers would be paying the equivalent of £84.80* per week.
“When you break the cost down and relate it to something that you’re already spending each week, you realise the value for money that buying a new home can offer,” commented Paul Walters, associate director at Miller Homes West Midlands.
“It’s predicted that the average cost of the weekly food shop is going to continue to rise by about 4% each year. However, when it comes to new homes, we have the luxury of incentives such as Help to Buy, which are actually making either getting onto or climbing the property ladder a lot more affordable.
“Since launching earlier this year, Help to Buy has had a big impact. It’s schemes like this that help to capture the attention of buyers and restore confidence and buoyancy in the market.”
Miller Central is situated in Northfield and offers homeowners a spacious landscaped setting just 20 minutes away from central Birmingham and three miles from the M5 and the M42.
Other properties remaining at the development include the three-bedroom Annan style home. With an en-suite in the master bedroom and French doors from the lounge into the garden, the property is available from £159,950.
“When you’re unpacking your shopping, it’s certainly worth thinking what you could buy for the same price,” concluded Paul. “Help to Buy could mean that you’re able to put your groceries away in a brand new kitchen.”
For more on Miller Central call 0808 250 6328 or visit the sales centre, open Thursday-Monday 10.00am to 5.00pm. More details on Miller Homes’ developments across the West Midlands and the range of incentives available can be found at www.millerhomes.co.uk.