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Final five at Fortuna after part-buy sales success

FIRST-TIME buyers keep saying YES to shared ownership − and are snapping up the last few homes at our successful Fortuna development in Cirencester.

A final flurry of reservations and sales means that 94 of the 99 part-buy, part-rent homes are now claimed by buyers − leaving just four apartments and the three-bed showhome up for grabs for as little as £31,250* and a deposit that could be just £1,563*.

Completions are also heading towards a major milestone, with 87 buyers having seen their home ownership dream come true by moving into their new Bromford homes.

It's a fast-selling final chapter to one of our biggest shared ownership success stories and Bromford Homes Head of Sales Alan Bradley urges other would-be buyers in the Capital of the Cotswolds to be quick or miss out.

"Fortuna is one of our biggest shared ownership developments, with several phases over the last few years, and we're now very close to selling the last of 99 houses and apartments," says Alan.
 
"Cirencester is like many places these days − house prices are high and average wages relatively low. That means many hard-working first-time buyers and other people are priced out of the market unless they can borrow a really big deposit from what's commonly known as the Bank of Mum and Dad.

"Our part-buy, part rent deal really does make all the difference and the fact that almost 100 buyers have said such an emphatic yes to shared ownership here at Fortuna (pictured below) proves it."

Fortuna exteriors 1
 
How does it work? Instead of buying your home outright, you purchase between 25% and 75% − the amount depends on how much you earn − and pay low rent on the remaining share. So, a minimum 25% share of a one-bed apartment with a full market value of £125,000 costs £31,250 and the same share of a two-bed apartment would be £37,500. We've got two of each type left plus the three-bed showhome − you can buy a minimum 25% share of that for £58,750 and this includes the carpets, curtains and furniture at no extra cost.

"Deposits are much cheaper than if you buy outright − as little as £1,875** for a two-bed apartment − and so are the total monthly costs," says Alan. It's cheaper too in most cases than renting from a private landlord."

Fortuna Sales Consultant Kirsty Darby echoes Alan's message to local first-time buyers and other people who can't afford to buy on the open market.

"Be quick or you'll probably miss out on these lovely new apartments," she says. "They're ideal for couples or singletons who want to leave the family nest or private rented housing and take the first step on to the property ladder in this really sought-after part of the Cotswolds. And if you reserve one of these final few apartments by Friday (Sep 13) you can take your pick from one of two great incentives − £1,500 towards your deposit OR free fitted carpets AND a fridge-freezer."

To find out more about shared ownership and our Fortuna apartments, call us on 01285 640837. You call also register for updates and follow us on Twitter and Facebook.

* £31,250 represents a minimum 25% share of a one-bed apartment with a market value of £125,000. The deposit, based on a customer borrowing 95%, would be £1,563. ** £37,500 represents a minimum 25% share of a two-bed apartment with a market value of £125,000 and the deposit, based on a customer borrowing 95%, would be £1,875. A typical 40% share of a two-bed apartment with a market value of £122,500 would be £60,000  and the deposit, based on a customer borrowing 95%, would be £3,000.

11 September 2013