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Larks Rise sales fly past halfway mark

SHARED ownership sales at Larks Rise, Coventry, have soared past the halfway mark in just a few months.

First-time buyers have now snapped up 21 of the 39 two and three-bedroom houses for part buy-part rent prices that start at £30,625* - and the first shared ownership buyers are now happily moved in at New Century Park.

The first completion and continued sales success prompt a message to other would-be buyers from Bromford Homes Head of Sales (North) Alan Bradley − be quick if you want your pick of the remaining 18 plots or you could miss out.

"Larks Rise and shared ownership are proving to be a really big hit with local first-time buyers, " says Alan, "and it's easy to see why − after all, where else in the heart of Coventry could you get on to the property ladder with high-quality homes like these for prices like this?"

He points to the two-bed terraced houses at Larks Rise which can be bought through Help to Buy shared ownership for as little as £30,625* if you're a buyer that qualifies for a minimum 25% share − with a deposit that could be as low as £1,532*. Prices for a three-bed house are only slightly higher − starting at £36,875** for a minimum 25% share and a deposit that could be as little as £1,844**.

Larks Rise Coventry

"Affordability is a key issue for so many first-time buyers and, with many lenders requiring fairly large deposits, you can see from these figures that shared ownership really is a great way for people to get into the home-buying market," says Alan.

"With shared ownership, you buy between 25% and 75% of your home and pay rent on the remaining share. It's as simple as that.

"The initial costs are so much more affordable for people who can't afford to buy their first home on the open market − and so are the monthly costs. A breakdown produced by the National Housing Federation proves that it cost less each month to buy your own home through shared ownership than it does to rent from a private landlord."

* £30,625 represents a minimum 25% share of a two-bed house costing £122,500 and a £1,532 deposit is based on a 95% mortgage. 
** £36,875 represents a minimum 25% share of a three-bed house costing £147,500 and a £1,844 deposit is based on a 95% mortgage.

Coventry homehunters can register for updates and find out more about Larks Rise and Help to Buy shared ownership by talking to a sales consultant on 0845 60 10 878. You can also keep track by following us on Twitter @BromfordHomes

This is an updated version of a story that was posted on May 7.

28 May 2013