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Shared ownership sales surge in Staffs

FIRST-TIME buyers are saying a big YES to shared ownership in Staffordshire.

They snapped up four of the six part buy-part rent apartments at Greyfriars House in the heart of Lichfield on the first weekend that they went on sale. Doxey's Castle View − near the county town of Stafford − is also a winner with three-quarters of the 15 affordable houses claimed by buyers in a few months.

The shared ownership sales success looks set to continue, says Bromford Homes Head of Sales (North) − and would-be buyers in Staffordshire have another chance to make their home-owning dream come true at Bracken Gardens, Rugeley, with prices starting from £31,000* for a two-bed house.

"Staffordshire is like many places these days − property prices are often fairly high and incomes relatively low for ordinary working people,' says Alan.

"This is especially true of property hotspots like Lichfield, an attractive cathedral city (below), where it's especially difficult for first-time buyers to get on to the property ladder.

Lichfield cityview

"We know from research published by the Council of Mortgage Lenders that people still aspire to own their own home − and shared ownership can make that dream come true at prices that people can afford.

"It's a truly affordable solution for people who can't afford to buy on the open market − and that includes a growing number of people who, before the credit crunch, would probably have been able to buy a first home the traditional way. People who can have a combined household income of up to £60,000 and still qualify for part buy-part rent.

"With shared ownership, they buy between 25% and 75% of a new Bromford home rather than buy outright − the exact amount depends on their income − and pay low rent on the remaining share.

"It's a real win-win for first-time buyers. The initial outlay is much lower − with deposits as low as £1,875* for an example like Greyfriars House or £1,550 at Bracken Gardens rather than the tens of thousands that lenders typically require for outright sale. And the total monthly costs are typically lower too than if buying outright or renting from a private landlord.

"It's no wonder then that so many first-time buyers from Staffordshire − and the rest of central England − are saying a big YES to shared ownership."

To find out more about shared ownership and opportunities to buy in your area, call 0845 60 10 878 and talk to one of our experts. You can also register for updates or follow us on Twitter and Facebook.

* £37,500 would buy a minimum 25% share of a two-bed apartment with a full market value of £150,000. A deposit of £1,875 assumes a 95% mortgage on that minimum share.

** £31,000 would buy a minimum 25% share of a two-bed house with a full market value of £124,000. A deposit of £1,550 assumes a 95% mortgage on that minimum share.

08 May 2013