New year, new home
Shared ownership expert ALAN BRADLEY encourages first-time
buyers to make their dreams come true in 2015
LOOKING forward to 2015? January is a time when many of us think
about making changes that will improve the quality of our
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
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?
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
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