Fortuna sales hit milestone mark
BROMFORD shared ownership homes are
helping dozens of first-time buyers to get their feet on the
property ladder in the Capital of the Cotswolds.
Part rent-part buy sales have hit the
milestone 50 mark at Fortuna, Cirencester, where Bromford Homes is
working in partnership with the Homes and Communities Agency to
help meet local need for affordable housing.
Their HomeBuy shared ownership scheme has
proved a huge success with a growing number of would-be homebuyers
who find they can get a new house for a fraction of what they would
pay for an almost identical property.
Bromford Homes Sales Consultant Stacey
Foster is proud to have signed up so many buyers − and to have made
such a big dent in the pent-up demand for high-quality affordable
housing in this sought-after part of Gloucestershire, where
property prices are high and average incomes relatively low.
"There is a great need here for
high-quality affordable housing and we have to say that Fortuna
meets that need in real style," said Stacey, who has been handing
over keys to a steady stream of delighted buyers since the first
homes took shape a short distance from the centre of Cirencester in
"This is a particularly attractive
development with a mixture of Cotswold-style houses and apartments,
many of them featuring the lovely golden Cotswold stone that this
area is so famous for.
"Our HomeBuy shared ownership offer
has proved just as pleasing − especially with first-time buyers who
really struggle to get that first foot on the property ladder in an
area like Cirencester.
"It really is a great deal for people
who can't afford to buy a home on the open market − so great that
you can actually get one of these high-quality houses for a
fraction of what you would pay for an almost identical property on
the open market."
Bromford Homes Sales and Marketing
Director Bev Hall agrees − and points to a recent National Housing
Federation (NHF) research report that highlights a massive 70%-plus
growth in the affordability gap for Cotswold homebuyers.
According to the NHF, Cotswold average
house prices have soared by 82% − from £183,924 to £334,715 − over
the past ten years while average wages have only gone up by a
measly 5%. This means the gap between house prices and wages jumped
by 73% between 2001 and 2011.
Bev said: "The figures quoted by the
NHF speak for themselves, and one of the most telling numbers is
the deposit that first-time buyers in the Cotswolds have to come up
with for a typical 75% mortgage on a typical home − a whacking
£83,679. And that's just for the deposit!
"That's why we believe HomeBuy* shared
ownership has such an important role to play. Shared ownership
remains a really affordable alternative for first-time buyers.
Rather than buy a property outright, it allows people to buy
anything from 25% to 75% of a new home and get that all-important
foot on the property ladder without having to find a really huge
"In the case of Fortuna, you can buy a
25% share of a three-bed house for as little as £57,500 and your
deposit would be as little as £2,875*.
"It's no wonder then that shared
ownership has made the difference for many first-time buyers in the
Cotwold area − and continues to offer an affordable solution at a
time when the gap between incomes and house prices is high and
getting a mortgage is that much harder."
It was in August that NHF research
highlighted the growing affordability gap for homebuyers in
Gloucestershire, with Cotswold one of the worst-hit areas. In 2001
the average price of a home in the Cotwolds was £183,924, said the
NHF, and the average deposit for a typical 90% mortgage was
In the space of ten years the price of
an average home rocketed to £334,715 − an increase of 82% − whereas
a typical 75% mortgage leapt to £83,679. Wages rose just five per
cent to £19,604 over the same period.
Bromford Homes' Fortuna
showhome − off the roundabout where the A429 meets the Bristol Road
and the A419 in Cirencester − is open from Thursday to Monday 10am
to 5pm. To find out more call 01285 640837.
* The minimum £57,500 price is based
on a customer buying 25 per cent of a three-bed house costing
£230,000. The deposit, based on a customer borrowing 95 per cent,
would be £2,875.
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26 September 2012