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First-time buyer bonzana in Birmingham

ENTHUSIASTIC first-time buyers are snapping up our shared ownership homes across Birmingham and the Black Country.

They've said a big YES to part-buy, part-rent at The Beeches (pictured below) in south Birmingham, where all but one of the 12 homes are now reserved, and at fast-selling Moat House Fields in Marston Green there is just one three-bed home and two two-bed homes left to sell.

It's a similar story in the nearby Black Country, with all four shared ownership homes reserved at St James Mews, Dudley, and all four homes reserved at Bracken Gardens, Rugeley.

Another 12 part-buy homes have been reserved at Regis Heights, Rowley Regis − leaving just one two-bed house on the market for as little as £30,000* − and we're also down to the last two-bed at Tansy Green, near Pensnett, with a selling price as low as £32,750**.

Bromford Homes Head of Sales Alan Bradley describes it as a shared ownership sales bonanza that reflects the pent-up demand from first-time buyers and other people who can't afford to buy on the open market.

"The numbers say it all − we're talking about a total of 65 part-buy reservations and sales across half a dozen developments in Birmingham and the Black Country and another 35 in Coventry," says Alan.

Beeches be quick

"Each sale represents a dream coming true for a first-time buyer − and very often we're talking about a singleton, couple or family that has been living at home with the folks or, in their own words, forced to live in private rented housing.
"These are typically lower income-earners, people who would never be able to buy a home on the open market − and shared ownership has made all the difference to them and their lives by making it possible for them to get onto the property ladder at a price they can afford."
Bromford Homes Sales and Marketing Director Bev Hall agrees, saying: "Open market house prices remain out of reach for many ordinary hard-working people, with most lenders expecting deposits that run into tens of thousands.

"That's why so many first-time buyers have been saying yes to shared ownership over the last few years − and why we encourage more would-be homebuyers find out if they too can see their property dreams come true at a price they can truly afford."

How does shared ownership work? Instead of buying your new home outright, you buy between 25% and 75% − the amount depends on what you can afford − and pay low rent on the remaining share.
A key plus for many young buyers is the much lower deposits that are typical with shared ownership − as little as £1,500* for a minimum 25% share of a two-bed house at Regis Heights or £1,638** at Tansy Green.
* With shared ownership, £30,000 would buy a minimum 25% share of a two-bed Henderson house worth £120,000 on the open market. A £1,500 deposit assumes a 95% mortgage on that minimum share.
** With shared ownership, £32,750 would buy a minimum 25% share of a two-bed Pensnett house worth £131,000 on the open market. A £1,638 deposit assumes a 95% mortgage on that minimum share.   

27 September 2013