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Part-buy hope as private renter levels soar

SHARED ownership offers an affordable way out for the fast-growing number of first-time buyers who feel priced out of owning their own home − and trapped in what's become known as Generation Rent.

That renewed message of hope from Bev Hall, of Bromford Homes, goes to first-time buyers across central England after the publication of official census figures highlighting a huge increase in the number of people who now rent from a private landlord − up from 1.7 million to 3.6 million over the ten years from 2001.

The problem is so acute that some first-time buyers could face a wait of 10 years or longer until they can save enough for a deposit, according to housing charity Shelter − and some aspiring homeowners fear they may never see their dream come true.

"Many of them face being forced to live at home with their parents or now belong to what's commonly called Generation Rent," says Bev, Sales and Marketing Director at Bromford Homes.

Bev Hall on HomeBuy

"These latest census figures from the Office of National Statistics highlight the plight of people who work hard and save each month but feel that home ownership is only a distant dream. So many of them are now forced to rent homes from private landlords and yet we know that many of them would prefer to buy.

"Well, shared ownership could turn what seems like a distant dream into a very true reality. Instead of buying outright, you buy between 25% and 75% of a new Bromford home and pay low rent on the remaining share.

"It's as easy as that - and because you are talking about a lower purchase price of as little as £30,625* − using our Larks Rise development in Coventry as an example − the deposit is typically much lower too.

"We can't pretend it's the answer for everyone − but you've only got to look at the amazing take-up by first-time buyers at Larks Rise, where we've sold more than two-thirds of our homes in a matter of months, to see that it does offer a truly affordable way of getting onto the property ladder."

The just-published census figures reveal that the number of people renting from private landlords in England and Wales rose by 1.7 million to 3.6 million in the ten years from 2001 to 2011. At the same time, the number people aged 25-34 who own their own home fell from two million to 1.4 million. That means by 2011, just 40% of people in that age bracket were home-owners and the overall level of home ownership was just 64% − the lowest since the mid-80s.
** £30,625 would buy a minimum 25% share of a two-bed house with a full market value of £122,500. A minimum deposit of £1,532 assumes a 95% mortgage on that minimum share

04 July 2013