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Part-buy sales near 30 as demand stays strong

BUYER demand for shared ownership remains strong as the squeeze on lower-income earners makes it harder for many of you to buy a first home on the open market.

That's the verdict from Bromford Homes Head of Sales Alan Bradley after a target-hitting first quarter of completions that saw 27 buyers step onto the property ladder at an affordable price. That includes 10 completions during June, with singletons, couples and families moving in at developments that range from Lichfield's Greyfriars House apartments to family houses at Minstrel Park, Stratford-upon-Avon.

"Rising property prices are making things more and more difficult for first-time buyers and, in many cases, are pushing the traditional homebuyer dream ever further from their reach," says Alan.

"This problem is felt most in rural communities or popular towns and cities like Lichfield and Stratford, where property prices are particularly high and average earnings relatively low. Shared ownership continues to offer affordable hope for many of these buyers − people on lower incomes who simply cannot afford to buy a home on the open market.

"Our secret is shared ownership's part-buy, part-rent formula which means deposits are low − typically from around £3,000* to just over £4,500** for an average share. So are the total monthly costs − less on average than you would pay to rent a similar home from a private landlord.

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"Buying a shared ownership home is also more secure than private renting - and customers with families and other strong local connections tell us that this is very important to them.

"These are the three major reasons why people keep saying a big YES to shared ownership and why we'll be building around 170 new affordable homes for buyers across central England this year."

New Bromford shared ownership homes are taking shape at 19 developments in the Black Country, Birmingham and Solihull, Buckinghamshire, Coventry and Warwickshire, Gloucestershire, Northamptonshire, Staffordshire, Telford and Shropshire.

More developments are in the pipeline and it's a good idea to register for updates so that you'll know as soon as another one is added to our "coming soon" list or when homes become available. You can also call us on 0845 60 10 878 or follow us on Facebook and Twitter to keep up to date with all the latest development news.

* £61,650 buys a typical 45% of a three-bed home with a full-market value of £137,000 at Colliers Green, New Arley. Your minimum deposit on that share, assuming a 95% mortgage, would be just £3,083. ** £94,000 buys a typical 40% share of a three-bed Bishopstone with a full market value of £235,000 at Foxlow Grange, Aylesbury, and a minimum deposit of just £4,700 assumes a 95% mortgage on the share you buy.

02 July 2014