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Part-buy bonanza in Coventry and Warks

FIRST-TIME buyers are saying a huge YES to shared ownership in Coventry and Warwickshire.

They've already snapped up two-thirds of the part buy-part rent homes at Larks Rise âˆ’ only a few miles from the heart of Coventry âˆ’ leaving just 13 of the 39 houses up for grabs.

Rugby's Oaklands development is also proving to be a winner with six shared ownership homes reserved for as little as £38,250* since the scheme was launched with a town centre open day.

The shared ownership sales success looks set to continue, says Bromford Homes Head of Sales Alan Bradley âˆ’ and would-be buyers in Warwickshire have another chance to make their home-owning dream come true at newly-launched Colliers Green, New Arley, for as little as £30,625** and deposits as low as £1,532.

"Coventry and Warwickshire is like many places these days âˆ’ property prices are often fairly high and incomes relatively low for ordinary working people," says Alan.
"This makes it especially difficult for first-time buyers to get on to the property ladder and yet we know from research published by the Council of Mortgage Lenders âˆ’ and from what we're told by first-time buyers like Matt and Clare at Larks Rise âˆ’ that people still aspire to own their own home.

Larks Rise Matt and Clare
"Well, the great news is that shared ownership can make that dream come true at prices that people can afford. If you take our very successful Larks Rise development as an example âˆ’ you can get that first foot on the property ladder here for as little as £30,625*** with a deposit that could be as low as £1,532.

"Figures like that really help to explain why 26 of the 39 shared ownership homes here have been snapped up in a matter of months. And it's not just the initial outlay that's cheaper with part buy-part rent âˆ’ the total monthly costs are typically lower too than if buying outright or renting from a private landlord.

"It's no wonder then that so many first-time buyers from Coventry and Warwickshire âˆ’ and the rest of central England âˆ’ are saying such a huge YES to shared ownership."
You can find out more about shared ownership and any of the Bromford Homes developments by calling us on 0845 60 10 878 âˆ’ or by visiting the new Larks Rise showhome, which is open Thursday to Monday, 10am-5pm.

"There's nothing like seeing a fully furnished showhome (below) to help bring the dream of home ownership to life âˆ’ and that's certainly true here in Coventry," says Alan.

Larks Rise showhome lounge

"Of course, it's also a great opportunity to ask questions about shared ownership and to find out more about how it works. The principle is simple enough. You buy between 25% and 75% of a new Bromford home rather than buy outright âˆ’ the exact amount depends on your income âˆ’ and pay low rent on the remaining share.
"It's a real win-win for first-time buyers âˆ’ and you don't have to take our word for it. You've only got to talk to customers like Matt and Clare (pictured above), who've already moved in to their fabulous new home at Larks Rise, to know that it really can unlock that dream of home ownership."
To find out more about shared ownership and opportunities to buy in your area, call 0845 60 10 878 and talk to one of our experts. You can also register for updates or follow us on Twitter @BromfordHomes and Facebook.

* £38,250 would buy a minimum 25% share of a two-bed apartment with a full market value of £153,000. A minimum deposit of £1,913 assumes a 95% mortgage on that minimum share.

** Â£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. A minimum 25% share of a three-bed home with a full market value of £137,000 is £34,250 and a minimum deposit âˆ’ assuming a 95% deposit âˆ’ is £1,713.

** £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.

17 June 2013