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Middleton Chase - it’s got the lot

FIRST-TIME buyers are snapping up the chance to make their home-owning dream come true at a picturesque village near the historic market town of Banbury.

We've already sold three of the five Bromford HomeBuy shared ownership homes being built at Middleton Cheney, leaving just one three-bed house and one two-bed home up for grabs.

With prices that start from £43,750 for the two-bed and £53,750 for the three-bed, they're ideal for local first-time buyers and young families, according to Bromford Homes Head of Sales (South) Trish Foster.

"Shared ownership is a much-needed option for young people and aspiring home-owners who can't otherwise afford to get on the property ladder − especially in a relatively affluent area like Banbury," says Trish.

"So we're not surprised that we've sold more than half of these shared ownership homes so quickly and we've got strong interest in the other two. Deposits are much lower with HomeBuy shared ownership − as little as £2,188* for the two-bed home − and we know from the latest National Housing Federation (NHF) research that the total monthly costs of shared ownership are significantly cheaper than if buying outright or renting from a private landlord.

"It's a real win-win deal for first-time buyers who want to make their homeowning dream come true without the slog of saving for maybe ten years to raise the hefty deposits that lenders now require."

Middleton Chase

Trish points to NHF research published at the start of Shared Ownership Week 2013, which highlights a monthly average saving of £139 for those in the East Midlands who buy through shared ownership rather than buying outright.

Shared ownership is also cheaper than renting privately − around £45 a month, or 9% of total housing costs, on average. Shared ownership deposits in the East Midlands are also much less for first-time buyers, says the NHF − £9,414 is the average or roughly 40% of the £23,461 average deposit paid by first-time buyers on the open market.

"The figures speak for themselves," says Trish, "and so does the fantastic location of our shared ownership homes in Middleton Cheney. It's a lovely village in a fantastic semi-rural location just a few miles from Banbury.

"It's a lively, family-friendly place with its own post office, pharmacy and convenience store, while nearby Banbury has lots of shops, a twice-weekly market and a monthly farmers market as well as bars, restaurants and other facilities.

'Register your interest now'

"Middleton Chase really does have it all and we hope to confirm house prices soon. We expect lots of interest from local homebuyers and my advice to anyone who's interested is register your interest now − especially if you want to get in early and have your pick of the plots."

* This example is based on a property price of £175,000. A 25% would cost £43,750 and a 5% deposit on that would be £2,188.
** Based on a property price of £215,000. A 25% would cost £53,750 and a 5% deposit on that would be £2,688.

To find out more about Middleton Chase and shared ownership call 0845 60 10 878. Follow us on Twitter @BromfordHomes and on Facebook.

26 March 2013