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
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,
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
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.
"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
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.
27 September 2013
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.