Record high as part-buy sales hit 214
STRONG demand from first-time buyers pushed our shared ownership sales to a
record-breaking high of 214 during 2013-14.
It's the first time that part-buy, part-rent completions have
passed the 200 milestone in a single year − and there's no
sign of any let-up in demand from would-be homebuyers on lower
Builders are already working on a new wave of shared ownership
homes that come with low deposits and low monthly costs, a long
list of mod cons and other features, and great locations across
"It all adds up to a truly affordable way for would-be
homebuyers on lower incomes to make the property dream come true,"
says Bromford Homes Head of Sales Alan Bradley.
"Shared ownership's low deposits of around £3,000* and low
monthly costs − lower, on average, than it costs
to rent from a private landlord** − really do make all the
difference for people who want a home they can call their own but
can't afford to buy on their open market.
"That's the secret behind this record-breaking total of
completions. Being able to hand over so many new homes is such a
rewarding achievement for me and all the other members of the
Bromford Homes team. Each time we hand over the keys to a Bromford
buyer is the moment when another property dream comes true, the
moment when all their hopes and dreams come true."
Bromford Homes Sales Consultant Harj Bahia agrees. "This is
definitely the best bit of our job," says Harj, who welcomed seven
shared ownership buyers into their new homes at Brookfields (pictured above), Shrewsbury,
"It's so rewarding to know that shared ownership's low deposits
and low purchase prices have made all the difference to so many
people. All of these buyers at Shrewsbury − and all our other
developments across central England − would have been unable
to get on the property ladder any other way."
First-time buyer Thomas Turner (pictured below) is also a big fan
of share ownership, having moved into his two-bed part-buy,
part-rent home at St Mark's View, Cheltenham, last summer.
Deposits and purchase prices are much more affordable with shared
ownership, he confirms. "It's ideal for first-time buyers like me
who want a house that they can make their own and don't want to
wait until after they have saved up the enormous deposit that
lenders require for an open market sale," says Thomas, one of
several buyers to tell their shared ownership
story during the year.
Smaller mortgage payments plus low rent add up to a real win-win
deal − and are typically less than than private renting. "Overall,
I know I pay less each month than friends in the Cheltenham area
who rent apartments and, unlike me, they are not going to get
anything back over time," says Thomas. "I always advise people that
shared ownership is a brilliant way to get started on the property
* In the case of Colliers Green (pictured above) north
Warwickshire, your deposit can be as little as £2,757. That assumes
a 95% mortgage when buying a typical 45% share of a two-bed house
with a full market value £122,500. That 45% share costs £55,125. In
another typical example, Greyfriars House in
Lichfield, your deposit on a two-bed apartment could be just £3,098
if buying a typical 45% share for £60,750. The actual amount you
buy depends on your financial circumstances but 45% is fairly
typical and the maximum share is 75%. You pay low rent on the
** It costs £520 a month to rent a typical two-bed apartment in
the Shropshire town of Telford, according to a comparison published
by HomeFocus magazine. That's £93 more than it would cost
someone buying a 50% share of the same £105,000 apartment through
shared ownership. The same cost comparison also reveals that shared
ownership is cheaper − by £57 a month − than it would be for
someone buying that apartment through the Help to Buy 80% equity
To find out more about shared ownership and
Bromford developments across central
England call 0845 60 10 878 or register for updates. You can also
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02 April 2014