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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 really afford.

"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 pounds."

Bev Hall on HomeBuy

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 private landlords.

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."

Castle View

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 be £1,563.

15 November 2013