Shared ownership costs unlock homebuyer dreams
DOZENS of first-time buyers are starting the new year with a new
Bromford home − thanks to the price-busting power of shared ownership.
A final flurry of January completions saw more would-be
homeowners collect the keys to the home of their dreams at popular
places like Colliers Green (pictured below) near
Nuneaton, Moathouse Fields in Marston Green,
and Larks Rise, Coventry.
This follows a surge of completions in the
run-up to Christmas and, with 18 more buyers saying a big YES
to shared ownership since the start of the year, we're heading for
our 200th customer handover well before the end of 2013-14.
Bromford Homes Head of Sales Alan Bradley says typical shared
ownership deposits of around £3,000* and typical purchase prices of
around £60,000* for a 45% share are making all the the difference
for singletons, couples and young families.
His message to first-time buyers and other people who can't
afford open-market prices?
"Now is a really good time to buy with shared ownership. If you've
saved enough for a shared ownership deposit and your combined
household income is less than £60,000, a Bromford home could be
yours − and for less than you probably think," he says.
"Buy now and you'll beat the big property price rises that all
of the pundits and mortgage lenders are predicting this year −
and start enjoying a home that you can call your own at a price you
"The initial costs are less with our part-buy, part-rent
scheme − also known as shared ownership − and the typical
monthly costs are cheaper than renting from a private landlord.
This has been proven time and time again with cost comparisons produced by
our industry lobby groups, the NHF and CIH, and most recently
magazine, a low-cost home ownership champion.
"It may sound too good to be true but the figures really do
speak for themselves. So don't just take my word for it. Talk to us
now and we'll show the numbers and help to explain what hundreds of
shared ownership buyers already know."
The latest HomeFocus cost comparison reveals that
shared ownership can be cheaper − by almost £100 a month − than
renting from a private landlord. when renting a typical two-bed
apartment in the Shropshire town of Telford. The £93 saving is
based on someone buying a 50% share of the same £105,000 apartment
through shared ownership.
With shared ownership you buy between 25% and 75% of your
Bromford home instead of buying outright and pay low rent on the
remaining share. The HomeFocus figures combine mortage and
rent to achieve a monthly total for shared ownership.
* Bromford Homes examples
You can buy a typical 45% share of a two-bed house for as little as
£60,750 at Brookfields (pictured above) − and your deposit could be
just £3,038 with a 95% mortgage on that 45% share.
Colliers Green, New
Arley: A typical 45% of a three-bed house can be yours
for just £67,275 − and your deposit could be just £3,364 with
a 95% mortgage on that 45% share.
Lichfield: You can buy a 40% share of a two-bed
apartment for as little as £61,400 − and your deposit could be
just £3,070 with a 95% mortgage on that 45% share.
04 February 2014
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