Part-buy hope for 1st-time buyers as market rises
SHARED ownership is keeping the property dream alive for lower
income earners who despair each time they see the latest news story
about soaring property prices and private rents.
That's the realistic message of hope that goes out to first-time
buyers across central England from Bromford Homes Sales and
Marketing Director Bev Hall.
She highlights recent shared ownership sales success and a
string of positive customer case studies as
proof that Bromford's part-buy, part-rent scheme − also known
as shared ownership − is still
helping people to get on the property ladder at a price they can
"This is a really worrying time for first-time buyers and other
people who can't afford open market prices," says Bev (pictured
below), pointing to a ComRes poll that says private rents in the
West Midlands now average £505 a month and a new LSL/Acadametrics survey saying average house
prices now stand at £237,161 − up 4.3% over the last year.
"Both headlines read like bad news for anyone who's saving up
for a deposit on their first home and they're part of an overall
trend that threatens to put the dream of home ownership even
further from the reach of many people on lower incomes.
"For them, it can seem like private renting is the only
affordable option unless, like some fortunate first-time buyers,
they're able to tap into the Bank of Mum & Dad for an open
market deposit that typically runs into tens of thousands of
Shared ownership offers these would-be buyers an affordable
alternative to living with the family or staying part of what's
become known as Generation Rent, according to Bev.
She cites the example of Bromford's part-buy development at Castle
View, just outside Stafford, where more than 20 singletons, couples
and families have seen their property dream come true for as little
as £31,250* and deposits that were as little as £1,563*.
"We've got a great example here in first-time buyers Graham and Jamie, who are
so pleased with their new shared ownership home that they've gone
on to recommend us to two friends, who've also bought Bromford
homes," says Bev.
Like many first-time buyers, Graham and Jamie were keen to find
an affordable and more secure alternative to renting a home from
Graham picks up the story, saying: "We were looking to buy our
first house as we had three dogs, wanted to start a family and
didn't want to waste any more money renting property... and when we
came to Castle View (pictured below) we instantly fell in love with
the high standards and quality finish.
"I was happy to recommend Bromford and pleased that, like us,
our friends have both successfully bought their own first houses.
Both thought buying might be out of their reach and were surprised
how easy it was to get on the first rung of the ladder thanks to
Bromford's really affordable shared ownership scheme."
To find out more about shared ownership call
0845 60 10 878 or register for
updates. You can also keep in touch by following us on Twitter and Facebook.
* £31,250 is a minimum 25% share of a two-bed house with a full
value of £125,000 and the deposit, based on a 95% mortgage, would
15 November 2013