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New year, new home

Shared ownership expert ALAN BRADLEY encourages first-time buyers to make their dreams come true in 2015

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LOOKING forward to 2015? January is a time when many of us think about making changes that will improve the quality of our lives.

For many people that means making the dream of home ownership come true. So what are the prospects for first-time buyers as the new year dawns?

It's a $64,000 question − especially for those aspiring homeowners who are priced out of the traditional property market after years of big increases.

Their dilemma is highlighted by a new study, compiled by the Centre for Economics and Business Research, showing that the average house earned more during 2014 than the average worker did in wages. It's a telling statistic − and property experts seem to agree that average asking prices will remain high during 2015.

Does that mean the end of the dream for aspiring homeowners? Will they have to stay living with their Mums and Dads? Does it mean singletons, couples and young families will remain forever as part of Generation Rent?

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No, it doesn't − and that's thanks to the low deposits and affordable monthly costs that come with shared ownership. It's a win-win formula that allowed 140 Bromford buyers to get on the property ladder during 2014 and enjoy the greater sense of security that comes with home ownership.

Looking ahead, we believe shared ownership will become even more popular with those on average incomes and that's why we're building even more homes during 2015.
Experts seem to agree that interest rates are likely to remain at their historic low for the immediate future and the mortgage market is more buyer-friendly than at any time since the credit crunch began.

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These are all positives for would-be homebuyers who've saved enough for a typical shared ownership deposit with Bromford of, say £3,750, and can afford the monthly payments.

Buying a home is probably the biggest investment you'll ever make. It's also one of the most rewarding. If you want to start the new year with a new home, you can take the first step by giving us a call.

29 December 2014