Buyers snapping up low-cost homes in Northants
THE DREAM of buying your own home is coming true for dozens of
shared ownership buyers in
Northamptonshire − and for less on average than it costs to rent
from a private landlord.
First-time buyer demand is so strong that we've sold all of our
part-buy, part-rent homes at Middlemore Heights,
Daventry, and Tove Grange, Belle Baulk, Towcester.
Now we've got three more low-cost developments across the county
where buyers can get onto the property ladder for as little as
£51,625. That's enough to buy a 35% share of a two-bed shared
ownership home at Countess Manor, Moulton, with a deposit
that could be as low as £2,582* with a 95% mortgage.
First-time buyers have two more opportunities to get onto the
property ladder in the county − at Church Fields in the
picturesque village of Bugbrooke and Becket Manor, Deanshanger,
just north of Milton Keynes.
We've got just three shared ownership homes at Bugbrooke
(pictured below) − with a typical 40% share selling for as little
as £68,000** − and 10 homes at Deanshanger, one of our newest
developments, where prices are yet to be confirmed.
Bromford Homes Head of Sales Alan Bradley urges local first-time
buyers to grab these great opportunities while they can.
"Northamptonshire is like many places these days − property prices
are often fairly high and incomes relatively low for ordinary
working people," he says.
"This is especially true of attractive, rural, sought-after
places like Moulton or Bugbooke, where it's especially difficult
for first-time buyers to get on to the property ladder. We know
that people still aspire to own their own home − and shared
ownership can make that dream come true at an initial price that
people can afford and a monthly cost that is typically cheaper than
renting a similar home from a private landlord.
"It's a real win-win for first-time buyers on lower incomes and
a growing number of people who, before the credit crunch, would
probably have been able to buy a first home the traditional way.
People can have a combined household income of up to £60,000 and
still qualify for shared ownership."
With shared ownership, buyers purchase between 25% and 75% of a
new Bromford home rather than buy outright − the exact amount
depends on their income − and pay low rent on the remaining
"The strong demand we've experienced at Daventry and Towcester
says it all − every home is now reserved and buyers are
already starting to move in and enjoy the benefits of living in a
home they can call their own," says Alan.
"It's no wonder then that so many first-time buyers from
Northamptonshire − and the rest of central England − are saying
such a big YES to shared ownership. And we predict a similar
response from buyers at Bugbrooke, Deanshanger and Moulton
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.
11 February 2014
* £51,625 would buy a 35% share of a two-bed house with a full
market value of £147,500. A deposit of £2,582 assumes a 95%
mortgage on that minimum share.
** £68,000 would buy a typical 40% share of a two-bed house with a
full market value of £170,000. Assuming a 95% mortgage on that
minimum share, the deposit would be £3,400.