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200 moving-in days... and counting

MONDAY was a red letter day for one first-time buyer at Brookfields, Shrewsbury − and for shared ownership here at Bromford Homes.

Why? Because it's the day we handed over the keys to our latest low-cost home-owner in central England and helped them to take their first step onto the property ladder. It's also the day when Bromford shared ownership sales completions hit the magical 200 milestone this year.

And there are many more moving-in days planned before the end of 2013-14, according to Bromford Homes Head of Sales Alan Bradley. "We're delighted that this first-time buyer − and all of our buyers − are seeing their property dream come true thanks to shared ownership," says Alan.

"The part-buy, part-rent deal really does make a difference to people on lower incomes, people who aspire like so many of us to owning their own home but simply can't afford to buy on the open market.

"Shared ownership deposits are truly affordable − just over £3,000 if you're buying a typical 45% of a two-bed Bromford home at, say, Brookfields (pictured below) − and the total monthly cost is cheaper on average than it is to rent from a private landlord.

Brookfields wide view

"Shared ownership is also a much more secure alternative to private renting − a really important consideration for young families who don't want to be moving from place to place at the whim of a landlord. This explains why so many people are saying such an enthusiastic YES to shared ownership and why we hope to achieve many more completions by the end of March."

With shared ownership, you buy between 25% and 75% of your new home − the actual amount depends on what you can afford, with around 45% being typical − and pay low rent on the remaining share. This means, for example, that you can get on the property ladder at Brookfields in Shrewsbury for £60,750 − that's 45% of the remaining two-bed home with a full market value of £135,000 − and a minimum 5% deposit of £3,038.

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.

24 February 2014