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Don’t despair, Bev tells Generation Rent

AFFORDABLE housing expert Bev Hall, of Bromford Homes, has a message of hope for Generation Rent, the countless thousands of would-be homebuyers highlighted in last night's ITV1 news special.

"Don't despair because shared ownership could be the answer," Bev tells homebuyers like those who told Tonight presenter Jon Maitland about their bleak future − trapped in rented homes by the credit squeeze and lender demand for hefty mortgage deposits.

"The programme showed families who say they're trapped in Generation Rent and their dream of home ownership is out of reach even though they have a joint income of as much as £80,000 a year.

"Well, the good news is that shared ownership can make that dream come true even if your annual family income is as much as £60,000. Instead of buying outright, they buy between 25% and 75% of their home and pay rent on the remaining share. It's as easy as that.

"This means the deposit is much smaller and much more affordable. We've got many customers who've told us it has transformed their lives − and, with 19 new shared ownership schemes being launched this year, we've got something to suit hundreds of would-be homebuyers across central England."

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Find out about shared ownership

Homebuyers have a couple of great chances to find out more about local shared ownership opportunities with open days this weekend at Lydney's Oakdale in the Forest Dean and St Mark's View, Cheltenham.

Bev urges first-time buyers to come along and find out more about these and other developments − and Bromford's HomeBuy shared ownership offer. Or they can call Bromford Homes on 0845 60 10 878.

"Tonight's Generation Rent programme highlights a very real problem − people who earn good money and would normally be able to buy their own home but are now asked to come up with tens of thousands in deposit to get a mortgage," says Bev, Sales & Marketing Director at Bromford Homes.

"They believe they have no other option than to rent on the private market and pay as much if not more than they would in mortgage payments. That means they are unable to save enough to build up a hefty deposit and, in some cases,  believe that it could take them as long as ten years to save enough."

Buying can cost less than paying rent

According to Tonight, Generation Rent includes seven million people who want to buy a home of their own − and the charity Shelter has revealed that the average tenant in the most expensive part of the UK now pays 59% of their earnings on rent.

"People still want to own their own homes − and shared ownership makes that dream possible in a way that people can truly afford. In fact, buying your home can cost less then you might pay in rent," says Bev.

"It's not, of course, all about the money. Many of our shared ownership buyers tells us the security that comes with owning your own home is really important to them.

"This is especially true for families with children in local schools and who want to put down roots. Renting can make sense for some people but others tell us that having to move twice, three times on two months notice is upsetting and can make huge upheaval for families − especially those with children − and, of course, it could happen again and again."
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11 January 2013