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Fortuna part-buy sales smash 80 mark

PART-BUY sales have smashed another milestone mark at our Fortuna development in Cirencester as local first-time buyers keep saying YES to shared ownership.

We've just handed over the keys to our 84th buyer − and, with another five homes reserved, it's likely that sales will hit the 100 mark before the end of the year.

It's a cause of celebration for Bromford Homes Head of Sales Alan Bradley − and the trigger for a timely warning to other local homebuyers who want to get on to the property ladder for as little as £31,250* in this sought-after part of Gloucestershire.

His message to first-time buyers in and around the Capital of the Cotswolds: "Be quick or you could miss out on the chance to follow in the footsteps of the 84 buyers who've already achieved their home-owning dream through HelpToBuy shared ownership.
"We've still got a great choice of apartments and three-bed houses for sale but, now that Fortuna is 80%-plus sold, we've got to say that the clock is ticking. In other words, when they're gone, they're gone. Now's the time to find out about Fortuna and how our great part buy-part rent opportunity can make your home ownership dream come true."

Fortuna showhome interior
His encouragement for first-time buyers comes at a time when the house market continues to gather strength. Yesterday (Tuesday) the RICS said demand from would-be homebuyers was picking up at its fastest rate in four years − and these frontline property professionals revealed they were more optimistic about sales than at any time since 2000.

"It's good news for buyers generally, although they should be concerned that this boosted confidence means that prices on the open market will probably start to go up," says Alan, pointing to the latest forecasts from mortgage lender Halifax and property website Rightmove.

"Overall, it's still a tough market for first-time buyers. Lending rates remain at an all-time low and there are signs that credit is starting to ease a little − but, on the other hand, lenders typically still demand big deposits for traditional outright sales and joint incomes have to be fairly high. That's where shared ownership can really make the difference."
How does it work? "Instead of buying outright, you buy between 25% and 75% of the home − the amount depends on what you can afford - and pay rent on the rest. In the case of Fortuna, that means you can buy a three-bed house for as little as £57,500 − and a deposit that could be as low as £2,875.

Fortuna showhome lounge

"This is crucial in a place like Cirencester where house prices are relatively high and average earnings are relatively low. What's more, the average monthly costs of buying a home through shared ownership are generally lower than renting a similar home from a private landlord.
"It's no wonder then that shared ownership has made the difference for many first-time buyers in the Cotswold area − and we look forward to handing over many more sets of keys this year."

Our Fortuna showhome − off the roundabout where the A429 meets the Bristol Road and the A419 in Cirencester − is open from Thursday to Monday 11am to 4pm. To find out more call 01285 640837 or register your interest. You can also follow us on Twitter and on Facebook.
* £31,250 represents a minimum 25% share of a one-bed apartment with a market value of £125,000. The deposit, based on a customer borrowing 95%, would be £1,563. The minimum 25% share of a three-bed home would cost £57,500 and the deposit, based on a customer borrowing 95%, would be £2,875.

10 July 2013