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Part-buy hope for Shropshire first-time buyers

THE DREAM of home ownership is coming true for as little as £33,750 as first-time buyers say a big YES to part-buy in Telford and Shrewsbury.

They've snapped up all but one of the eight shared ownership homes at The Willows, Telford, leaving just one three-bed house which we're selling for as little as £38,750*, with a deposit that could be as low as £1,938.

And we've already agreed our first reservation at the newly-launched Brookfields development in Shrewsbury, leaving just seven more two-bed homes that are rapidly taking shape under the direction of our award-winning site manager, Pete Hamon.

Bromford Homes Head of Sales Alan Bradley predicts it won't be long before that last Telford home is snapped up − and he's confident that young buyers in Shrewsbury will be equally quick to buy the remaining homes at Brookfields, where prices can be as little as £33,750**.

"Prices like these make all the difference for aspiring home-owners in places like Shrewsbury and Telford, where property prices are often fairly high and incomes relatively low for ordinary working people," says Alan.

"We know that many people still aspire to own their own home − and shared ownership can make that dream come true at prices that people can afford. That includes a growing number of people who, before the credit crunch, would probably have been able to buy a first home the traditional way. People who can have a combined household income of up to £60,000 and still qualify for part buy-part rent.

With shared ownership, they buy between 25% and 75% of a new Bromford home rather than buy outright − the exact amount depends on their income − and pay low rent on the remaining share.
 
It's a real win-win for first-time buyers, according to Alan. "The initial outlay is much lower − with deposits as low as £1,688** for an example like Brookfields rather than the tens of thousands that lenders typically require for outright sale. And the total monthly costs are typically lower too than if buying outright or renting from a private landlord," says Alan.

"It's no wonder then that so many first-time buyers from Telford and Shrewsbury − and the rest of central England − are saying a big YES to shared ownership."

To find out more about shared ownership and opportunities to buy in your area, call 0845 60 10 878 and talk to one of our experts. You can also register for updates or follow us on Twitter and Facebook.

* £38,750 would buy a minimum 25% share of a three-bed house with a full market value of £155,000. A deposit of £1,938 assumes a 95% mortgage on that minimum share.
** £33,750 would buy a minimum 25% share of a two-bed house with a full market value of £135,000. A deposit of £1,688 assumes a 95% mortgage on that minimum share.

21 August 2013