Shared ownership sales top target
MORE than 20 shared ownership buyers have collected
the keys to a new Bromford house or apartment in little more than a
month − and seen their property dream come true with plenty of time
to celebrate their first Christmas in a home they can call their
The target-topping total of 21 completed sales by the end of
last week is highlighted by Bromford Homes Head of Sales Alan
Bradley as further proof of the strong need for affordable houses
and apartments across central England.
Affordable deposits and affordable monthly costs are the main
reason, he says, why first-time buyers and other people on lower
incomes are saying such an enthusiastic YES to shared
"Our part-buy, part-rent formula makes all the difference to
people who want a home they can call their own but can't afford the
hefty deposits that mortgage lenders generally require for outright
sale," says Alan.
"Many of them are stuck living with family or friends or feel
they have no other choice but to rent from private landlords −
part of what's now known as Generation
"Well, it doesn't have to be that way and we've got just over 20
different customer stories this month to prove it. The fact is you
can get on the property ladder with shared ownership for as little
as, say, £30,000 and a deposit that could be just £1,500."
That's enough to buy a 25% share of a two-bed house at The
Beeches, Northfield, (pictured above) assuming you've got a 95%
mortgage on what you buy. Buyer shares vary from the 25% minimum up
to a maximum of 75%, with around 40% being the average, and low
rent payable on the remaining share.
The Beeches is just one of more than a dozen part-buy
developments where buyers have moved in this month − the
latest being at Greyfriars House, Lichfield, where
just three of the six apartments are still up for grabs.
Bromford Sales Consultant Harj Bahia handed over the keys to the
first buyer to move in at Lichfield (pictured above) last week.
"This is definitely one of the most rewarding parts of the
job − seeing a customer's dream come true after working with
them from the first telephone chat or meeting," says Harj.
"Buyers are genuinely surprised at how little they can pay for a
brand new home that they can call their own. The actual share they
buy depends on individual circumstances but we make sure that each
deal is truly affordable and most buyers are pleasantly surprised
to find that the total monthly costs are cheaper than what you
would pay to rent a similar home from a private landlord."
Alan nods in agreement and says: "I'm proud of Harj and all the
Bromford Homes colleagues who played their part in helping so many
of our buyers to achieve their dream during October − and all
the other months of the year. Many more of our shared ownership
homes across central England have been reserved and we've got every
reason to believe that buyers will keep saying a big YES to shared ownership now and into the New
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04 November 2013