Part-buy hope for Daventry’s Generation Rent

THE LAUNCH of our new part-buy homes in Daventry offers local first-time buyers the chance to move out from your parents' home or private rented housing and get on to the property ladder for as little as £32,488*.

That's enough to buy you a minimum 25% share of a two-bed shared ownership home at Middlemore Heights, with a deposit that could be as low as £1,625*.

And buyers who reserve a part-buy home in the next few weeks could be picking up the keys before the end of August. Building work will soon finish on the first few two-bed homes off Hidcote Way on the northern edge of Daventry − so there's no better time than now to find out how the part-buy deal works and put down your £500 deposit.

That's the timely message to local first-time buyers from Bromford Homes Head of Sales Alan Bradley and he highlights the fact that three-bed houses are also being built at Middlemore Heights, with completion due in January 2014.

"Daventry and the surrounding area is like many places these days. Property prices are often fairly high and incomes relatively low for ordinary working people, who often end up as part of Generation Rent − renting from private landlords," says Alan.
 
"We know from various sources − including the current wave of TV programmes like Cherry Healey's Property Virgins on BBC3 − that younger people still aspire to own their own home and find it hard or impossible on the open market. Well the good news is that shared ownership can make your home-owning dream come true and at prices that you can afford."

 
With shared ownership, buyers purchase 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 what Alan describes as a real win-win for first-time buyers. The initial outlay is much lower − with deposits as low as £1,625* for an example like our two-bed homes (pictured above) at Middlemore Heights.
 
"Aspiring buyers might also be surprised to find out that the total monthly costs with shared ownership 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 in Northamptonshire have already said a big YES to shared ownership - and it might surprise you to find out that you can have a combined household income of up to £60,000 and still qualify for part-buy. It's a truly affordable solution for people who can't afford to buy on the open market."

Middlemore Heights is a great location for commuters and young families, with a wide choice of local primary schools, shops and local leisure facilities. It's two miles from Daventry town centre and within easy driving distance of Rugby, Northampton or Leamington Spa. Long Buckby railway station is less than five miles away and from there you can get to Birmingham New Street in less than 50 minutes.

All homes come with a fully-fitted kitchen, oven, hob and extractor, downstairs cloakroom, fitted wardrobe to master bedroom, full gas-fired central heating, double glazing and high-performance insulation throughout. Allocated parking, turfed rear gardens and 10-year NHBC New Home warranty are also included.

To find out more about Middlemore Heights and shared ownership, 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.

* £32,488 would buy a minimum 25% share of a two-bed house with a full market value of £129,950. A deposit of £1,625 assumes a 95% mortgage on that minimum share. ** Prices are yet to be set on three-bed houses at Middlemore Heights. If you're interested, register for updates and we'll let you know when things change.