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£1,500 to get on property ladder at Beeches

WOULD-BE homebuyers are being offered an ultra-affordable chance to get on to the property ladder in Birmingham's Northfield suburb.

That opportunity is coming in the shape of a dozen two and three-bedroom houses that are being built by the award-winning in-house construction team at affordable housing specialist Bromford Homes.

Deposits for these high-quality homes − four three-bedroom houses and eight two-beds − will be as little as £1,500* through Bromford's HomeBuy shared ownership scheme.

It's a part rent/part buy deal that enables aspiring homebuyers to get into property ownership without having to save a huge deposit or to apply for a wallet-busting mortgage.

Building work is set to begin at The Beeches by the end of November and Bromford Homes Head of Sales Alan Bradley urges local buyers to act quickly if they want to reserve a particular plot.

"These homes are ideal for first-time buyers who want to leave behind the uncertainties of renting and enjoy the benefits of home ownership but don't have the five or ten per cent deposit needed to buy outright," said Alan.

"Shared ownership really does offer people who couldn't otherwise afford to buy a chance to get on the property ladder. In this case, prices are expected to start from around £120,000 for a two-bed house − so a 25 per cent share would cost just £30,000 and a five per cent deposit just £1,500.

"We do everything we can to make sure that the deal is truly affordable for buyers − whether they are buying a 25 per cent share or anything up to the 75 per cent maximum.

"At the end of the day, buyers get a traditionally-built, energy-efficient home built for ease of maintenance at a really affordable price.

"What's more, our price includes a lot of features that buyers might have to pay for as extras elsewhere. Things like turfed front and back gardens, full screen fencing, and quality kitchens.

The contemporary-looking brick homes will take shape on a corner plot where Merritt's Brook Lane meets Basil Road on the Frankley reservoir side of Northfield in south Birmingham.

It's a family-friendly spot, with a good choice of local primary schools and local shops on the other side of Merritt's Brook Lane. Northfield Health Centre and a Sainsbury's supermarket are little more than half a mile way and Northfield centre roughly a mile.

It costs just £500 to reserve a plot at The Beeches and prices will be confirmed soon. To find out more about buying call 0845 60 10 878

* Our example is based on an expected property price of £120,000. A 25 per cent share would cost £30,000 and a five per cent deposit on that would be £1,500.

18 September 2012