Figures recently released by the Halifax have revealed that buying a home is £120 cheaper per month than renting – and the gap is widening due to the dramatic increase in rental prices .
Housebuilder Crest Nicholson consistently helps purchasers achieve their dream of home ownership at its Kaleidoscope development in Cambridge, with more purchasers than ever keen to buy in the city, thanks to the fact that Cambridge has been tipped as one of the top 20 places to make money from property .
Jackie Fullarton, Partner at independent financial advisors Sacre Associates LLP, said: “Under the Funding for Lending initiative launched last year, the Bank of England has been lending money to the banks at below market rates on the proviso that they lend to potential buyers and pass these savings on; banks face hefty penalties if the money they borrowed is not used for this purpose. As a result, we have seen strong competition in the lowering of interest rates in the high street.
“Based on today’s rates, it is possible to obtain a mortgage with the Halifax for a two-bedroom apartment at Crest Nicholson’s Kaleidoscope development which results in monthly mortgage payments of £950-£1,000 per month . Compared to the average rent of £1,300-£1,350 per month for a similar property, the savings that can be made are considerable and can add up to nearly £5,000 per year.”
Toby Greenhow, Director of Residential Development Sales for Savills Estate Agents, said: “Since the beginning of the year we have seen a tremendous upswing in sales across Cambridge. Homes have always sold well in Cambridge but there is certainly an increased confidence amongst buyers.
“The benefits of owning versus renting really can’t be disputed and the cost difference makes for compelling reading. Savvy owners can take advantage of the second bedroom and rent it out for £400-£450 per month, making an even more substantial saving on their monthly outgoings. When you then take into consideration capital growth as opposed to spending money each month by paying someone else’s bills, the benefits of owning versus renting are clear.”
Annette Cole, Sales & Marketing Director, Crest Nicholson Eastern, comments: “The ever rising cost of renting means that we’re getting more people than ever through the door who are keen to buy so that they are no longer paying someone else’s mortgage with their rent. Kaleidoscope is proving particularly popular with buyers who recognise that the property market in Cambridge has remained robust throughout the recession and that it regularly appears on the list of towns where property prices are likely to rise as things pick up.
“Buyers are thinking longer term so the fact that prices are predicted to rise 10% over the next three years is a very attractive proposition for anyone looking to buy from the point of view not only of owning their own home but also in terms of benefiting from capital appreciation.”
Recently released homes in the exclusive Cyan and Aqua Buildings at Kaleidoscope comprise two-bedroom apartments and two-bedroom duplexes and penthouses. Thanks to their superb location - tucked away in a quiet area off Brooklands Avenue but just around the corner from Cambridge Train Station and a few minutes’ walk away from the town centre - combined with a desirable contemporary design and finished to an exceedingly high standard, homes here offer an ideal home for buyers taking their first steps onto the property ladder.
Homes at Kaleidoscope combine a bright contemporary exterior with a classic and stylish interior, dispersed across 11 architecturally unique apartment buildings and courtyards that are linked by a sequence of shared spaces. All apartments meet the high specification associated with Crest Nicholson and come with parking spaces available to purchase and a private landscaped area for residents to enjoy – both a rarity in a city location.
Kaleidoscope boasts a location on the newly launched guided bus route in Cambridge, which offers fast and simple access both into the town centre and to the train station. Cambridge Railway Station is just five minutes from the scheme and provides a non-stop service to London Kings Cross in just 45 minutes. Alternatively, the M11 is just three miles away providing a swift route to Stansted Airport and the motorway network beyond.
Prices for two-bedroom apartments start from £270,000. For further information about purchasing a home at Kaleidoscope please contact the Sales and Marketing Suite on 0870 757 8186, which is open daily from 10am to 5pm. Alternatively, visit the website www.crestnicholson.com/kaleidoscope.