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Part-buy ‘keeps dream alive’ as young priced out

OUR low-cost home ownership option continues to offer affordable hope for young first-time buyers who fear being squeezed out of the property market.

Their concerns were brought into sharp focus this week when a new 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 again by the English Housing Survey**, which 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 National Association of Estate Agents*, which published figures yesterday (Monday).

Bromford Homes Head of Sales Alan Bradley agrees. "It's a tough time for first-time buyers − and it's not getting any easier now that the average house price in England of just over £200,000 is roughly ten times the typical salary for a first-time buyer," he says.

"The National Association of Estate Agents report mirrors what our own customers tell us − that buying a first home on the open market is out of their reach and the gap between house prices and what they can afford is getting wider.

"The good news for them is that they have been able to make their property dream come true thanks to the low deposits and affordable monthly costs that come with shared ownership − and with our equity loan deal at Colliers Green.

ColliersGreen showhome no2 960x400

"We can't help everyone, of course, but the figures speak for themselves. We've sold roughly 30 shared ownership homes across central England since April and that's on the back of a record-breaking year, when we achieved more than 210 sales − many of them to buyers in their 20s.

"That doesn't change the very real problems that face first-time buyers but it does keep the dream alive by offering them some equally real − and affordable − hope of being able to take that crucial first step onto the property ladder in these difficult times."

First-time buyers Anna Malarska, 28, of Oaklands, Rugby, and Thomas Turner, 24, of St Mark's View, Cheltenham, are typical of Bromford Homes customers who've seen their property dreams come true. Both praise shared ownership and recommend the unique part-buy, part-rent formula to other first-time buyers who, like them, can't afford open-market prices.

Anna keys 960x400

"Shared ownership is the perfect solution for first-time buyers like me who can't afford a big deposit or a big mortgage but want to get on the property ladder and invest in their future," says Anna, pictured above. "We love our Bromford home and we love the area... and it's cheaper for me than the house I was renting before."

First-time buyers Dan Bailey and Kate Fry, both 22, are equally enthusiastic about our second affordable homebuyer option, equity loan, on offer − alongside shared ownership − only at our Colliers Green development between Nuneaton and Coventry.

"Home ownership gives us more security than we had as tenants, something that we can call our own," says Kate, pictured below with partner Dan and son Liam. "This way we are investing in the future for Liam − and living in a lovely, comfortable, modern home that's so much better than anything we lived in before... and cheaper than private renting. We're happy with our home − and with the shared equity deal."

Dan&family 960garden

* The NAEA analysed home purchases in June and tracked the percentage of buyers that fell into each age group. Their results show that just 3% were ageed 18-30, nearly half (48%) were aged 31-40, 39% were aged 41-55, and 10% were 56 and over. ** English Housing Survey key findings.

To find out more about low-cost home ownership and how it could make YOUR property dream come true, call one of our expert advisors on 0845 60 10 878 or register for updates. You can also keep in touch by following us on Facebook and Twitter.

22 July 2014