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,"
"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.
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
"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
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14 February 2014