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
"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
"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
* £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
02 July 2014