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‘Be quick’ as low-cost homes launch at Moulton

BUYERS have a low-cost chance to make their property dream come true at our newly-launched development on the edge of a popular village just outside Northampton.

You can get onto the property ladder at Countess Manor, Moulton, for just £59,000 and your deposit could be as little as £2,950 − thanks to Bromford's popular part-buy, part-rent deal − also known as shared ownership.

We've got just eight of these two-bed and three-bed affordable homes coming onto the market so Bromford Homes Head of Sales Alan Bradley urges first-time buyers in this rural part of Northamptonshire to be quick or risk missing out on your pick of the plots.

"These high-quality, low-cost homes are ideal for younger people in and around Moulton − 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.

"Affordability is a huge problem for would-be homebuyers on lower incomes and the simple truth is that many are being priced out of homeownership as property values soar and wages fall a long way behind."

He cites the latest research from PricedOut, the campaign for lower-cost housing, which reveals that nearly 250,000 private renters have been excluded from homeownership by the recent surge in property values.

Countess Manor 960

The good news for would-be buyers like this is that shared ownership can still unlock the door to a home that you can call your own, says 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 75% depending on your household income − and pay low rent on the remaining share. So, in the case of Countess Manor, £59,000 could buy 40% of a two-bed home with a full market value of £147,500 and a 5% deposit on that share would be just £2,950.

"Both the purchase price and the deposit in this example are a fraction of what it would cost to buy a similar home on the open market. What's more, the monthly costs of shared ownership are truly affordable − in most cases less than it would cost to rent a similar home from a private landlord," says Alan.

"It all adds up to a truly affordable opportunity for first-time buyers in this part of rural Northamptonshire − and since we've got just eight homes here at Moulton my advice would be to be quick or you'll miss out on your pick of the plots."

To find out more about shared ownership and Countess Manor, call 0845 60 10 878 or register for updates. You can also follow us on Twitter and Facebook.

20 February 2014