Affordable hope for Generation Y homebuyers
Bromford Homes Head of Sales Alan Bradley advises young
first-time buyers to take a look at shared ownership and equity
LIVING at home with mum and dad? On the way up at work and
looking forward to flying the nest?
You're not alone, of course. Around half the young people who
replied to a new survey* hope to support themselves financially by
the time they reach their early or mid 20s.
For most of these Generation Y wannabees, it's a hope that
typically centres around the dream of getting onto the property
But the reality for many 20 to 34-year-olds is that they
struggle to close the ever-widening gap between earnings/savings
and the price of a typical first-time buyer home − and more
than half of those that do fly the nest are likely to have got help
from what we call the Bank of Mum and Dad**.
With the average open-market house costing £171,429*** here in
the West Midlands, that struggle will come as no surprise.
What will surprise some of you − parents and young
people alike − is that home ownership can be more affordable
than you might think. That's thanks to the low deposits and
affordable monthly costs that come with shared
ownership − and our new equity loan
This year alone we've already helped 120 buyers to
get onto the property ladder − and we're confident that we
will hit our year-end target of 128 completions by March 31.
That's 128 home ownership dreams coming true for young
first-time buyers like Anna at Oaklands, Rugby, or Dan and Kate at
Colliers Green in north Warwickshire.
Anna (that's her, above) tells us that home ownership seemed
like an impossible dream until she found out about shared ownership. "Would I recommend
it? Definitely! Shared ownership is the perfect solution for
first-time buyers like me who can't afford a big deposit or a big
mortgage but want to get on the property ladder and invest in their
future," she says.
Dan and Kate (that's them, below) are equally enthusiastic about
our other affordable scheme, equity loan.
"With shared equity, we were able to buy our new Bromford home for
just 80% of its purchase price − and yet the home is 100% ours from
Day One," they say.
If, like them, you're a 20-something who want to make your home
ownership dream come true but feel daunted by high prices and the
huge deposits required by most lenders for a typical open-market
mortgage, then my advice is simple.
Check out these customer stories and see
if what they have to say strikes a familiar chord with you. If it
does, feel free to call one of our expert advisors on 0845
60 10 878 and ask about affordable Bromford homes in your
It's all go as we look forward to 2015-16, with more shared
ownership developments already on the go at places like Crick, Long Buckby and Solihull − and a landmark
development that includes shared ownership homes at Wychbury Fields, Hagley.
We've also got two exciting new developments of equity loan
homes taking shape in time for spring homebuyers in the Cotswolds −
that's seven apartments at Cirencester's Akeman Court (above) and ten
houses at Woodlands, Northleach.
07 March 2015
* Survey commissioned by Association of Accounting Technicians. **
Analysis by the Council of Mortgage Lenders. *** Q4 2014,