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
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
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
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* £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.
21 August 2013
** £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.