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."
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
"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.
"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
10 July 2013
* £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.