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Dream opportunities for Brum’s first-time buyers

BIRMINGHAM'S first-time buyers are being offered a really affordable chance to make their home ownership dream come true − thanks to Bromford Homes.

They can buy one of Bromford's 11 remaining shared ownership homes at The Beeches, Merrit's Brook Lane, Northfield, for as little as £30,000* and the deposit could be as low as £1,500*.

On the other side of the city centre, in Erdington, first-time buyers have snapped up all but one of the shared ownership homes at Bromford's Hardintone Court development, off Goosemoor Lane. That last two-bed house − within easy reach of the M6 and Birmingham city centre − is waiting to be claimed for as little as £30,625** and the deposit could be as low as £1,532***.

"Those figures make it really affordable for first-time buyers who want to get their foot on the property ladder," explains Bromford Homes Head of Sales (North) Alan Bradley.

"That's why shared ownership is such great news for people who can afford all the monthly payments but struggle to save the tens of thousands that lenders require in deposit for outright sale.

"With Bromford's HomeBuy shared ownership, you buy between 25% and 75% of your home and pay low rent on the rest. It's a great way to get into the home-buying market and need not cost more each month than renting from a private landlord."

Prices start at £30,000* for a two-bed Frankley semi at The Beeches, with a two-bed end-of-terrace Farley home starting at £33,125 and three-bed Bartley house starting at £34,875. Prices for a three-bed Merecroft home are slightly higher, starting from £36,250**.

The fair pricing and convenient, family-friendly location in south Birmingham mean that homes at The Beeches are proving popular with local homebuyers and Alan urges local first-time buyers to act quickly if they want to reserve a particular plot.

*This example is based on a property price of £120,000. A 25% share costs £30,000 and a 5% deposit on that is £1,500.
** Based on property price of £145,000. A 25% share is £36,250 and a 5% deposit is £1,813.
** Based on property price of £122,500. A 25% share is £30,625 and a 5% deposit is £1,532.

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15 March 2013