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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

Alan Bradley 640x340

YOUNG workers − and their dreams of home ownership − are taking the hardest hit as the housing affordability gap widens.

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 households.

Moving home: How much does it cost 640 x 340

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 homes.

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 price.

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.

Larks Rise Matt and Clare 640x340

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 to £60,000.

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.

Thomas Turner in lounge

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 landlord.

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