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All gone at Brookfields

SHREWSBURY'S first-time buyers have said a resounding YES to our shared ownership homes at Brookfields.

The last of eight two-bed houses off Bagley Drive were snapped up last week and other buyers have already started to move in. It's the latest shared ownership success story in a record year for Bromford completions with 200-plus buyers choosing shared ownership as the affordable way of getting onto the property ladder.

And the story's not finished yet, according to Bromford Homes Head of Sales Alan Bradley. "We've got many more completions in the pipeline before the end of March; many more singletons, couples and families who will see their homebuying dream come true thanks to shared ownership," says Alan.

"Brookfields is a prime example of how shared ownership makes all the difference for first-time buyers on lower incomes − buyers who would probably be priced out of the market in a sought-after place like Shrewsbury, where property values are relatively high and average wages relatively low. Our low purchase prices and low deposits make all the difference − especially at a time like this when average property prices are rising fast."

So what's different with shared ownership? Well, instead of buying outright, you buy a share of your new Bromford home and pay low rent on the remaining share. This means your deposit is much lower and so is your typical monthly cost − lower, in fact, than it costs to rent a similar home from a private landlord.

Brookfields wide view

In the case of Brookfields (pictured above), a 45% share of a two-bed home cost just £60,750 and the deposit could be just £3,038 with a 95% mortgage. The actual amount you buy depends on your financial circumstances but 45% is fairly typical and the maximum share is 75%.

"As you can see from our example here in Shrewsbury, shared ownership deposits are much cheaper than if you buy outright − and we've got several comparisons that prove the total monthly cost for a typical shared ownership buyer is less than it costs to rent privately," says Alan.

"That's why people keep saying YES to shared ownership and why we expect strong demand from first-time buyers at our next Shropshire development − Church View at Donnington Wood in Telford. Prices here are yet to be confirmed but they will be equally affordable and my message to local first-time buyers is to be quick or you could miss out. We've got just four of these two and three-bed shared ownership homes so register now and take the first step towards seeing your dream of home ownership come true."

To find out more about Church View and shared ownership call 0845 60 10 878 or register for updates. You can also keep in touch by following us on Twitter or Facebook.

07 March 2014