1st-time buyer stories offer hope for Gen Rent
Shared ownership expert ALAN BRADLEY highlights part-buy case
studies as real-life inspiration for young workers
YOUNG workers − and their dreams of home ownership −
are taking the hardest hit as the housing affordability gap
The worsening plight of the typical 18 to 35-year-old is brought
into sharp focus by two lobby groups who highlight the spiralling
cost of private renting.
Fifty-three per cent of private renters already spend more than
a third of their monthly income to their landlord, says one report,
and the problem is going to get worse. Much worse.
In fact, private rents are forecast to go up by around 90% in
real terms by 2040, according to another set of research. That's
more than twice as fast as incomes − and the extra pressure on
personal finances will cause terrible hardship for many
That's why lobby groups like Generation Rent, the National Housing
Federation and others keep renewing their pressure on the
powers-that-be to have a rethink and start building more low-cost
We support that call and believe that shared ownership has a
powerful part to play in helping young workers on typical incomes
to make their property dreams come true at a truly affordable
It's ideal for nurses like our Aspenwood homebuyer Deborah Collins in Solihull, firefighters and
other ordinary working people like Coventry's Matt and Clare
(pictured below), who agreed to tell their story in our special shared ownership video.
You don't have to be a key worker to qualify for shared
ownership − and you can have a total of household income of up
Our houses and apartments are built to the same high quality as
the open-market homes that are typically being built alongside
them, and they come with all the mod cons, other features and
contemporary room layouts that people expect these days.
The big difference is the cost. With shared ownership, you
commit to a relatively small mortgage and therefore have to find a
much smaller deposit − somewhere between £3,000 and £5,000 for
most of our first-time buyers across central England.
It's a truly affordable alternative to private renting or living
at home with your family or friends − and you don't just have
to take my word for it. Just see what our young homebuyers have to
say about how shared ownership's low deposits and affordable
monthly costs have changed their lives.
We've collected half a dozen case
studies for you to consider and all but one of the buyers are
workers in their 20s like Tom (above) from Cirencester who've made
the switch from living with Mum and Dad or renting from a private
If you're encouraged by what they have to say and want to know
more about shared ownership, please give us a call on 0845
60 10 878 and we'll be happy to tell you more and answer
any questions you may have.
21 November 2014