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Two homes left at fast-selling Pennylands

LOW deposits and low monthly costs are unlocking the home ownership dream for first-time buyers at Pennylands in the Cotswold town of Winchcombe.

Five of the shared ownership houses have already been reserved − leaving just two more homes waiting to snapped up for a fraction of what it would cost to buy on the open market.

This strong demand prompts a timely warning to other would-be buyers from Bromford Homes Head of Sales Alan Bradley: "Don't delay. These low-cost homes are selling fast − and, with just two left for now, it won't be long before they're all gone."

Shared ownership makes it possible to buy a 45% share of a new two-bed house at Pennylands for just £78,750* − minimum deposit just £3,938* − and priority is being given to singletons, couples and young families with local connections in this sought-after part of Gloucestershire.

Pennylands 960

"These low-cost houses (pictured above) are ideal for local first-time buyers on lower incomes − people who want to stay where they've got family and friends but are being priced out as property values soar and wages fall behind," says Alan.

"Both the purchase price and the deposit in this typical example are a fraction of what it would cost to buy a similar home on the open market. That's what makes shared ownership so affordable in the first instance − and it doesn't stop there. Several cost comparisons prove that the monthly cost of shared ownership is also really affordable − in most cases less than it would cost to rent a similar home from a private landlord."

A second wave of shared ownership homes is also being built at the site off Greet Road, with two-beds set for completion in December and three-beds in February 2015. Three-bed prices are yet to be confirmed.

* £78,750 would buy 45% of a new two-bed house with a full market value of £175,000. Your minimum deposit, assuming a 95% mortgage, would be £3,938.

To find out more about Pennylands and shared ownership, call 0845 60 10 878 or register for updates. You can also follow us on Twitter and Facebook.

26 March 2014