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Ways to buy

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Alan Bradley reflects on gloomy findings for home ownership in the Cotswolds

I had a sense of déjà vu when I read the latest research from the National Housing Federation that the Cotswolds is the 'most difficult place in the South West' to get on the housing ladder.

With over a third of house prices here being 10 times the average wages for first time buyers, taking the lowest average annual income of £10,387 and the lowest average house price at £197,500, this equates to a staggering affordability ratio of 19 times that salary.

 Alan Bradley 640x340

The National Housing Federation highlights that the current generation of aspiring first time buyers are considerably worse off than their parents were when it comes to their chances of being able to buy a home. Due to successive governments failing to build enough homes to keep up with demand, house prices have been driven up and home ownership has fallen to a 29-year low. Average first-time buyers today need a £30,000 deposit, almost ten times the deposit required in the early 1980's in real terms.

 The Colesbourne

Add to that, a YouGov poll which found that an overwhelming 87 per cent (almost nine in 10) of 18-34 year olds say it is difficult for their generation to get on the housing ladder in Britain and it seems an insurmountable mountain to climb.

That's why we are focusing on building a number of affordable homes in this area and offer different ways to buy with the aim of making home ownership in the Cotswolds a reality and not a far-fetched fantasy.

Our 'Help to Buy' 20 per cent equity loan requires just five per cent deposit. To give an example, a new two-bed home can be bought for as little as £131,400 (full market value of £164,250). These prices − especially the five per cent deposits − really do make all the difference for local people who want to get on the property ladder.

Shared ownership is another option that many aren't aware of and which can, in fact, be cheaper than renting but with the benefit of being able to own your own home. It is also a way of having more security, as a landlord can decide to terminate a tenancy at any time whereas shared ownership properties usually have a brand new 125-year lease.

 Akeman Court

Shared ownership offers the chance to buy a share in a brand new leasehold property on a part buy/part rent basis and pay a subsidised rent on the part not owned. People can purchase between 25 and 75 per cent and then buy more as and when they can afford to.

The Chantry

With monthly costs equally affordable − often lower or at least no more expensive than it costs to rent a similar home from a private landlord - we want to give real hope to those dreaming of home ownership in the Cotswolds.

24 June 2015