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Hope for ‘clipped wings’ buyers in Solihull

SOLIHULL is highlighted as one of three national "clipped wings" hotspots where young working people can't afford to "fly the family nest", according to a new survey.

Nearly half of all 20-to-34-year-olds questioned for housing charity Shelter say they live with their parents because they can't afford to rent or buy a home. The lack of affordable housing is blamed − and the problem is most acute in property hotspots like Solihull, where almost four in 10 (38%) young people in work still live at the family home.

YouGov's survey findings prompt a fresh call from Shelter for politicians to invest in many more affordable homes − including shared ownership houses like the Bromford two and three-beds now being sold at Mulberry Gardens, Meriden, Marston Green's Moat House Fields or Aspenwood, Dickens Heath, near Solihull, where prices range from £62,500* (pictured below).

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Backing for the wider "Yes to Homes" campaign comes from Bromford Homes Head of Sales Alan Bradley, who says: "Once again, we have powerful evidence that many ordinary young people in work say they simply can't afford to leave the family home.

"The problem is a huge gap in affordable housing supply and demand − and today (Thursday) we have a forecast from one of the political parties that this gap could get so big that it will be equal to the size of a city like Birmingham, or roughly 1.3 million homes. That's why Bromford supports the call − championed by lobby groups like the National Federation of Housing and Chartered Institute of Housing − for greater investment in shared ownership and other forms of affordable housing.

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"We know from our experience as a shared ownership specialist for many years that our low-deposits and affordable monthly costs make all the difference to younger people who can't afford to buy on the open market.  As a result, well over 200 homebuyers on lower incomes − many of them, like Anna Malarska (pictured above) at Oaklands, Rugby, still in their 20s − saw their dreams come true last year when they collected the keys to a new shared ownership home with Bromford. And there's no let-up in demand this year.

"In fact, we've got more than 20 developments across central England and have increased the number of shared ownership homes that we intend to build this year, with a revised target of around 170 completions by the end of March 2015."

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The Shelter survey comes little more than a week after a new National Association of Estate Agents report revealed that the number of homebuyers aged 18-30 had fallen to a record low − accounting for just 3% of June house sales − and the English Housing Survey reported a dramatic increase in the number of young people who've turned to private renting because they can't afford to buy. Rising property prices, stagnant pay and tougher borrowing rules are all behind the big fall in young homebuyers, according to the estate agents survey.

* We've got just one two-bed left for sale at Aspenwood with a starting price of £62,500 for a minimum 25% share based on a full market value of £250,00 and low rent paid on the remaining 75%. The minimum deposit, assuming a 95% mortgage on the purchased share, would be £3,125.

To find out about local shared ownership developments more call us on 0845 60 10 878 or register for updates.

31 July 2014