The number of households renting privately has increased by more than a million in the last 10 years, according to research*, but a local housebuilder is advising that buying is a better option for first time buyers in St Helens.
With rental properties now at a premium, Morris – the housebuilder behind the Waterside Village development, off Lowfield Lane – is urging house hunters to take advantage of the Government-led HomeBuy Direct scheme on the last remaining plots and purchase a new home at an affordable price. 
The HomeBuy Direct scheme enables first time buyers to purchase a new home with a mortgage for just 70 per cent of the property’s market value. The initiative enables first timers to step onto the property ladder with a smaller deposit to pay and lower monthly mortgage instalments and is available for a limited time only.
Chris Minshall, regional sales director for Morris, said: “It is an easy assumption that renting is cheaper, but schemes like HomeBuy Direct make buying a far more cost effective option. The numbers of people in rented properties has increased massively and this demand has caused rental costs to grow.
“Many people believe they can’t afford the deposit needed to buy a home. With HomeBuy Direct the deposit is only 5 per cent, which makes it significantly more affordable.
“Time is running out on the Government scheme, due to end in the new year, so we would urge any would-be buyers to get in touch to take those first steps on to the property ladder.”
A number of two and three bedroom homes are available at Morris’ Waterside Village, with prices starting from just £83,125** under the HomeBuy Direct scheme.
To find out more about the development or the offers available, visit the sales office (open everyday between 10.30am and 5.30pm) call 01744 833 820 or visit www.morrishomes.co.uk/waterside-village/
* Research by Rightmove in October 2011
** Price quoted is 70% of the marketed price on selected homes under the HomeBuy Direct scheme. Subject to terms and conditions.