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Brummie 1st-time buyers snap up low-cost homes

OUR shared ownership developments in Birmingham are almost sold out − and the first customers are already moving in.

Buyers have now reserved all but one of the 13 two and three-bedroom houses at Marston Green's Moat House Fields for part-buy, part-rent prices that start from just £37,500* for the final two-bed.

Five customers have moved in and another completion is scheduled for this week − turning the property dream into reality at an affordable cost for first-time buyers and other people who can't afford open market prices.

It's a similar story at The Beeches, Northfield, (pictured below) where just one two-bed shared ownership house is still up for grabs at a starting price of just £30,000** and seven buyers have collected their front door keys.

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This follows what Bromford Homes Head of Sales Alan Bradley describes as a shared ownership sales bonanza during October, with 21 completions in little more than a month and, with 17 completions already in the bag for November, it looks like another record-breaking month.

"Shared ownership prices make all the difference for would-be buyers on lower incomes. For them, the only other alternative is living with family or friends and renting from a private landlord at prices that are going up and up," says Alan.

"Deposits and monthly costs with shared ownership are truly affordable and Moat House Fields (pictured below) is a great example. You can buy a minimum 25% share of a three-bed house for as little as £37,500 and your deposit can be just £1,875 with a 95% mortgage.

"Prices like that make all the difference for people who will probably never be able to save the kind of huge deposits that lenders require for outright sale − and can't tap into the Bank of Mum and Dad like some first-time buyers."

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Bromford Homes Sales Consultant Kirsty Darby gets a big "kick" from handing over the keys to her customers.

"That's one of the best bits of the job," she says. "It's so rewarding when you see the excitement and happiness on our customers' faces as they walk over the threshold and realise that at last they've got a home that they can truly call their own. Many of our buyers can't believe how affordable shared ownership is and tell us they feel so much more secure than they are in private rented housing."

* £27,500 buys a 25% share of a three-bed house with a market value of £150,000. A 5% deposit on that minimum share would be £1,875.

** This example is based on a property price of £120,000. A minimum 25% share would cost £30,000 and a 5% deposit on that would be £1,500.

First-time buyers can find out more about The Beeches, Moat House Fields and shared ownership by calling us on 0845 60 10 878. You can also keep in touch by following us on Twitter @BromfordHomes and Facebook.

19 November 2013