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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 incomes.

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 central England.

"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."

Brookfields wide view

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, during March.

"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.

Thomas Turner with keys

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 ladder."

Colliers Green homes

* 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 remaining share.

** 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 loan scheme.

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 keep in touch by following us on Twitter and Facebook.

02 April 2014