Greyfriars House unlocks affordable city living
SIX stylish city centre apartments offer hope for first-time
buyers who feel they can't afford to take their first step on to
the property ladder in sought-after Lichfield.
They can make their home ownership dream come true at Bromford
Homes' latest development, Greyfriars House, for
as little as £37,500* through HomeBuy shared
The eye-catching Queen Street scheme is highlighted by Alan
Bradley, of Bromford Homes, as a really affordable opportunity for
Generation Rent − people who
feel forever trapped in private rented housing − and other
frustrated first-time buyers.
His message to local homehunters comes at a time when, according
to a new report by a leading thinktank, many believe it would now
take more than 20 years to save enough for a deposit on an average
first-time buyer home.
"This Resolution Foundation report offers us yet more evidence
to show how many people on middle to low incomes are struggling to
get on the property ladder," says Alan, Head of Sales (North) at
"This reflects our own experience over the last few years in
Staffordshire and other parts of the West Midlands. We're helping a
growing number of people who, before the credit crunch, would have
expected to buy outright.
"Many are now trapped in what's come to be known as Generation
Rent or, as Resolution Thinktank has revealed, they say it would
take them many, many years to save enough for a deposit on a
traditional outright sale.
"We sympathise with that struggle − and the good news for
aspiring homeowners with a household income of up £60,000 a year is
that our shared ownership offer at Greyfriars House can make their
dream become a reality."
Big difference with HomeBuy
The big difference with HomeBuy, says Alan, is that qualifying
homehunters can buy between 25% and 75% of their new Bromford home
− instead of buying a home outright − and pay rent on the remaining
share. An affordability formula decides how big a share they buy,
with a typical amount being around 45%.
"This means someone buying a minimum 25% can get on to the
property ladder and enjoy all the benefits of city centre living in
a contemporary two-bedroom apartment for as little as £37,500*,"
"If they buy a 45% share, it's still really affordable at
£67,500** and a deposit that could be as low as £3,375 with a 95%
mortgage. Compare that with the hefty deposit that a typical lender
will require for outright sale on a similar home.
"As many first-time buyers find out, lenders often require a
deposit running into tens of thousands and, for most people, that
means many long, hard years of saving unless you can tap into the
Bank of Mum and Dad or the Bank
Living in heart of historic city
Buying an apartment at Greyfriars House also ticks all the other
homebuyer boxes, according to Alan.
"The location couldn't be better if you want to work, live − and
enjoy yourself − in the heart of this historic cathedral city,"
"Each of the six apartments comes with allocated parking −
although you could easily manage without a car. Greyfriars House is
a short walk from the cathedral, shops, bars, cafes, theatre and
all the other city centre facilities that help add up to a great
quality of life in Lichfield."
The apartments are built to a high quality with a telephone
entry system and, inside, they're finished to a high specification
with central heating, double glazing, master bedroom with fitted
wardrobes, bathroom with shower and fitted kitchens with oven, hob
and extractor hood. Fitted carpets are also included.
* £37,500 is a 25% share of a a two-bed apartment with a full
asking price of £150,000. A 5% deposit on that share would be
** £67,500 is 45% share on a two-bed apartment with a full asking
price of £150,000. A 5% deposit on that share would be £3,375.
To find out more about Greyfriars House and HomeBuy shared
ownership call 0845 60 10 878. You can keep track
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04 March 2013