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Affordable hope for market town homebuyers

YOUNG homehunters are paying a high price when they try to get on the property ladder in one of central England's historic market towns.

The affordability gap in market towns is much bigger with average asking prices for homes almost £25,000 higher than they are in the rest of their county, according to Lloyds Bank research.

That makes it much harder for cash-strapped first-time buyers to get on the property ladder in historic communities such as Aylesbury or Warwick.

Warwick4

Their plight prompts Bromford Homes Head of Sales Alan Bradley to offer homehunters a renewed message of hope − in the form of shared ownership's lower deposits and affordable monthly costs.

"This research confirms what we all know. Property prices are significantly higher in market towns − and it's easy to see why," says Alan.

"People are attracted by the generally high quality of life, the rich heritage and strong community spirit in attractive market towns such as Alcester (pictured below), Rugby or Winchcombe. And, of course for many first-time buyers, these are the towns where they've grown up, where their family and friends all live and where their jobs are.

Alcester 7

"Sadly, property prices in such places are rising much faster than typical salaries and that makes it all the more difficult for local people to get on the property ladder and they can easily find themselves priced out of the market.

"Shared ownership offers these buyers hope with much lower deposits − typically less than half what they might expect to pay on the open market − and affordable monthly costs."

Alan points to market towns like Rugby where you can buy a typical 45% share of a two-bed home (pictured below) at Butterfield Gardens for as little as £56,250* or Aylesbury where you can buy 40% of a Foxlow Grange two-bed from just £78,000**.

Minimum deposits for these affordable homes can be as little as £2,813 at Rugby or £3,900 at Aylesbury.

The Beckford

"These prices make all the difference for our buyers in market towns and other places across central England," says Alan. "That's why people keeping saying such an enthusiastic YES to shared ownership. For instance, they've now snapped up all the homes at Quartet in Whitchurch − another popular market town.

"We've now got developments in five other market towns − Alcester, Aylesbury, Rugby, Warwick and Winchcombe − and my advice to local first-time buyers is to be quick if you don't want to miss out on these low-cost opportunities to make your homebuying dreams come true."

Our Oaklands demo home in Rugby is open Thursday-Monday from 10am to 4.30pm. You can get driving directions here and learn more about shared ownership by calling us on 0845 60 10 878. You an also register for updates or keep in touch by following us on Twitter and Facebook.

* £56,250 buys 45% of a two-bed Beckford with a full market value of £125,000. Your minimum deposit would be £2,813, assuming a 95% mortgage on the share you buy.

** £78,000 buys 40% of a two-bed Hartwell with a full market value of £195,000. Your minimum deposit would be £3,900, assuming a 95% mortgage on the share you buy.

04 December 2014