BELLWAY South West, a local housing developer, has announced its decision to offer house-hunters up to £12,000 towards their mortage payments to help with the pressures induced by the cost of living crisis.

The developer is offering to pay £1,000 a month towards mortgage payments for up to 12 months for buyers of designated plots at its Mead Fields development off Wolvershill Road on the outskirts of Weston-super-Mare.

This comes at a time where many people aren't able to buy their own homes. According to Money Unshackled, the average house prices are 65 times higher than they were in 1970, while wages are 36 times higher, meaning that people are having to either rent or live in their family homes for longer.

The offer, which aims to combat this, will run until the end of March.

The housebuilder prides itself on building energy-efficient houses, which is estimated to save £2,600 a year on fuel bills compared to older properties of similar sizes.

Tim Lund, sales director at Bellway South West, said: “We have launched this mortgage contribution initiative to lend a helping hand to homebuyers as a response to the cost-of-living pressures on people’s budgets.

“Bellway is building a range of two, three and four-bedroom homes at Mead Fields and we are offering to pay £1,000 a month towards buyers’ mortgage payments for up to 12 months on selected plots.

"This huge saving could go towards helping people balance their budgets, save for a holiday or enjoy nights out with friends. 

“People who buy a new-build Bellway house can also save a further £220 a month on their energy bills, compared to an older property of the same size. Modern construction techniques and new technologies allow us to build homes which are more energy efficient and less expensive to run, thanks to improved insulation and appliances which use less gas, electricity and water.

“In addition to these savings, purchasers know they are buying a home from a company which has retained its five-star status with the Home Builders Federation for the sixth year in a row – which means that more than 90 per cent of customers say they would recommend Bellway to a friend."

For more about Bellway’s mortgage offer, visit their website.