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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 £31,250*."

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 Alan.

Fortuna showhome interior
"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