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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.

The Knightley

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 share.

The Aleera

"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 (pictured above)."

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.

* £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.

11 February 2014