Fortuna open day hope for first-time buyers
FIRST-TIME buyers in Cirencester are invited to join us for a
special shared ownership open day − and
find out how they can get on the property ladder much sooner than
they might think.
Today's all-day session (Saturday July 27) at our popular Fortuna development comes at the end of a week
when a major report has highlighted the frustrating plight of many
young buyers and forecast that nearly four million under-35s will
be forced to live with their parents as house prices rise by as
much as 40% by 2020.
This gloomy forecast by the National Housing Federation (NHF)
prompts a message of hope from Bromford Homes Head of Sales Alan
Bradley for would-be homebuyers who fear they will never be able to
afford that first step on to the property ladder.
"My message is simple and it's two words − shared
ownership," says Alan. "The NHF has highlighted what is already a
very real problem for many first-time buyers − a problem that
they predict will only get worse as earnings for most people
continue to stagnate while house prices go up.
"We support the NHF call to build more homes and, in the
meantime, want to make sure that more first-time buyers know about
shared ownership, how it works and how it can make their home
ownership dream come true at Fortuna for as little as
That's enough to buy a 25% share of a one-bed apartment through
Help to Buy shared ownership and the deposit could be as low as
£1,563*. 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 low rent on the rest," answers
"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 so many first-time buyers in the Cotswold area.
We've just handed over the keys to our 84th shared
ownership buyer here and we look forward to making many more
home ownership dreams come true this year."
His sentiment is shared by Bromford Homes Sales Consultant
Kirsty Darby, who will welcome visitors to the new show apartment
at Fortuna on Saturday (July 27) between 11am and 4pm .
Her message to would-be buyers in and around Cirencester is: "Come
along and find out more about how shared ownership can help you to
get on to the property ladder − and for much less than you
might think. You've got a really affordable chance here to follow
in the footsteps of the 84 buyers who've switching from private
rented housing or living with parents or friends thanks to Help to
Buy 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. 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."
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 updates. 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.
23 July 2013