Friendly solution for 1st-time buyer singletons
YOUNG, free and single. Want to buy a home of your own but can't
Well, you're not alone, according to the latest figures from a
leading estate agent.
Just one in three young singletons are able to get on the
property ladder on their own, according to the Countrywide data,
and as a result more of them are clubbing together with a friend,
brother or sister.
The rise in co-owning first-time buyers prompts a buddy-friendly
message of hope from Bromford Homes shared ownership expert Alan
Bradley to wannabe homeowners without a spouse or partner.
"Friends can also become shared ownership buyers.
Sadly, even two incomes and the combined savings of two people may
not be enough to buy a home on the open market − especially in
high-price property areas," says Alan.
"Our unique part-buy, part-rent deal offers many first-time
buyers a much more affordable way of making your property dream
"For those who don't have a partner, buying with a friend,
brother or sister could be the answer with a truly affordable
alternative to living at home with your parents or renting from a
low deposits − £3,000 to £5,000 is fairly typical − are
cited by most buyers as a key difference and many are pleasantly
surprised to find that monthly costs are typically cheaper
than private rent for a similar home.
For example, you can get on to the property ladder for as little
as £90,000* in a high-price place like Meriden (pictured above)
near Solihull − highlighted as a "clipped wings"
hotspot where young working people can't afford to "fly the
family nest", according to one survey − and your deposit could
be as little as £4,500*.
"Of course, you don't have to buy with a friend or family
member. In a nutshell, shared ownership is an affordable option for
young people and other aspiring home-owners who are simply priced
out of the open market," says Alan.
"As long as you don't already have a property and your combined
household income isn't more than £60,000 a year, you could
To find out more about shared ownership, how it
works and local developments, call us on 0845 60 10
878. You can also register for
updates and follow us on Twitter and Facebook.
* £90,000 represents a minimum 25% share of a two-bed home with
a market value of £200,000 at Meriden's Mulberry Gardens (pictured
above). The deposit, based on a customer borrowing 95%, would be
28 August 2014