Leading developer Lovell Homes is encouraging renters to consider switching to home ownership at one of its three popular developments in King’s Lynn.
According to data from Hometrack, the average monthly cost to rent a two-bedroom home in King’s Lynn is £600**. The two-bedroom Bramley style home at Lovell’s Orchard Place development on Marsh Lane is available to purchase for £180,000, meaning mortgage repayments could be as little as £523* per month.
Hometrack data also found that the average cost to rent a three-bedroom home in the area was £743** per month. The three-bedroom Ouse house type at Lovell’s Dewside development on Greenside Avenue is currently priced at £210,000, meaning mortgage repayments can start from £610*.
For a four-bedroom property, the average monthly rental cost in King’s Lynn according to Hometrack is £950**, which is over £250 more than mortgage repayments for the four-bedroom Clarence style home at Nar Valley Park on Sandpiper Way. Using Help to Buy, monthly mortgage repayments could start from £682* for the four-bedroom home.
Adrian Garrood, regional sales manager at Lovell, said: “It can be a real sense of achievement to step on the property ladder and for most people buying a house is one of the biggest investments they will ever make.
“We currently have three developments in the King’s Lynn area with another at Cowper Place launching shortly, meaning there is currently a huge selection of homes in the area at many different price points to suit all types of budgets.
“I’d encourage anybody interested in stepping on the property ladder to visit us at one of our popular King’s Lynn developments and speak to our sales teams to find out how to make their dreams of owning their own home a reality.”
The Government-backed Help to Buy: Equity Loan scheme is available on all Lovell developments in King’s Lynn, meaning purchasers can buy a brand-new Lovell home with only a 5% deposit. The remaining amount is made up from a 75% mortgage and a 20% equity loan, which is interest free for five years.
Lovell Homes strives to do everything it can to make the buying process easier, stress-free and more comfortable, with all homes including a 10-year NHBC warranty to reassure buyers that they are purchasing a high-quality home with no maintenance required.
For more information about Lovell visit www.lovell.co.uk.
You can also like Lovell on Facebook https://www.facebook.com/lovellhomes and follow Lovell on Instagram at @lovell_homes, and on LinkedIn @LovellPartnershipsLtd.
*Calculations have been made using Money Saving Expert and are for a 25-year fixed term mortgage with 3.8% APRC, using the Government-backed Help to Buy: Equity Loan scheme, with a 5% deposit and 20% equity loan, which is interest free for five years.
**Data has been collated using https://www.hometrack.com/uk.