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Affordable hope for rural 1st-time buyers

FIRST-TIME buyers in a sought-after Northamptonshire village are being offered a rare opportunity to get on the property ladder at a price that they can afford.

Three low-cost starter homes are being built at Church Fields, Bugbrooke, and one of them could be yours for as little as £68,000. That's enough to buy a 40% share through Bromford's part-buy, part-rent deal − also known as shared ownership − and your minimum deposit could be as little as £3,400*.

Bromford Homes Head of Sales highlights the trio of two-bed houses as ideal for local first-time buyers on lower incomes. "We know how hard it is for younger people in rural communities such as Bugbrooke − people who want to stay in the place where they've got family and friends but can't afford to buy on the open market," says Alan.

"It's a huge problem that's been highlighted time and again by the National Housing Federation − our industry lobby group − and the simple truth is that younger people are being priced out of rural England as property prices soar and wages fall a long way behind."

Shared ownership offers first-time buyers in communities like Bugbrooke (pictured below) a truly affordable chance to get on the property market, argues Alan.

Bugbrooke 4

The secret? Instead of buying outright, you buy a share of your new Bromford home − 40% is fairly typical but it can be as much as 70% depending on your household income − and pay low rent on the remaining share. So, in the case of Church Fields (pictured below), £68,000 would buy a 40% share of a two-bed Everdon with a full market value of £170,000 and a 5% deposit on that typical share would be just £3,400.

The Knightley

"Both the purchase price and the deposit in this typical example are a fraction of what it would cost to buy a similar home on the open market," says Alan.

"That's what makes shared ownership so affordable in the first instance − and it doesn't stop there. Several cost comparisons prove that the monthly cost of shared ownership is also really affordable − in most cases less than it would cost to rent a similar home from a private landlord.

"It all adds up to a real message of hope for young people − especially those living in rural communities − who fear that they will never be able to afford a home that they can call their own and believe their only option is private rent."

To find out more about shared ownership and opportunities to buy in your area, call 0845 60 10 878 or register for updates. You can also follow us on Twitter and Facebook.

14 February 2014