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Don’t let grass grow under your feet at Pastures

ASPIRING home-owners are snapping up our high-quality affordable houses at The Pastures, Alcester, for a fraction of what they would cost on the open market and for less each month than it costs to rent from a private landlord.

All three 3-bed shared ownership homes off Kinwarton Farm Road are now reserved − leaving just seven two-bed homes up for grabs at part-buy prices that start from £76,275. That's enough to buy a typical 45% share of a two-bed Avon house and your deposit could be as little as £3,814 with a 95% mortgage.

Prices like that explain why so many first-time buyers and other people who can't afford to buy on the open market are saying a big YES to our part-buy, part-rent deal, says Bromford Homes Head of Sales Alan Bradley.

"Shared ownership is a truly affordable way to get onto the property ladder and I'm sure it won't be long before the remaining homes here at The Pastures will be snapped up too," says Alan. "My message to first-time buyers in this part of Warwickshire is simple − be quick or you could miss out on this great opportunity to make your property ownership dream come true."

The Tavy

So how does shared ownership work? Well, instead of buying outright, you buy between between 25% and 75% of your new Bromford home − the actual amount depends on what you can afford − and pay low rent on the remaining share. In the case of The Pastures, it costs just £76,275 for a typical 45% share of a two-bed Avon house or £80,775 for a two-bed Tavy (pictured above).

"Both are really affordable prices for would-be buyers who feel locked out of the property market and are probably renting from private landlords − part of what's now known as Generation Rent − or living at home with their folks," says Alan.

"Crucially for most first-time buyers, the deposits are much cheaper than if you buy outright − as little as £3,814 with a 95% mortgage for a typical share of the Avon or £4,039 for the Tavy. And it's not just the initial costs that are more affordable − there's lots of evidence to prove that the total monthly costs of shared ownership are typically cheaper than renting from a private landlord."

All Bromford homes at The Pastures come with a fully-fitted kitchen − including oven, hob and extractor − a downstairs cloakroom and french doors leading to the turfed rear garden. Other features include full gas-fired central heating, double glazing with high-performance insulation throughout, allocated parking space and a 10-year NHBC New Home warranty.

To find out more about The Pastures and shared ownership, call 0845 60 10 878 or register for updates. You can also download a brochure.

03 January 2014