Half gone milestone nears at Larks Rise
SHARED ownership sales are soaring higher at Larks
Rise, Coventry, with nearly half of the homes claimed by eager
It's taken just two months to sell 18 of the 39 two and
three-bedroom houses off-plan for part buy-part rent prices that
start at £30,625*.
What's more, the last few weeks have seen the first shared
ownership buyers collect their keys and move in at New Century
Park, turning their personal property-owning dream into affordable
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 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**.
"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
* £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%
Coventry homehunters can register their
interest 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
07 May 2013