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New wave of affordable homes coming soon

WE'RE launching more shared ownership developments to help meet the strong demand from first-time buyers who are priced out of the open market.

These latest additions to our homefinder search list will boost the number of affordable homes on offer by around 20 in total. That includes:

SIX two-bed homes at Beaumont Meadow, Warwick, and
SIX three-beds at The Acorns, Shirley, Solihull.

Prices will be confirmed in the coming weeks but it's not too soon to register for updates if you want to stake a claim on one of these low-deposit opportunities to make your homebuyer dream come true.

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Bromford Homes Head of Sales Alan Bradley says: "We've just reported a successful start to the year with 66 shared ownership sales in the first six months - and there's no sign of let-up in demand from first-time buyers who are looking for an affordable first step onto the property ladder.

"That's why we're confident that homehunters in Warwickshire, Solihull and other parts of central England will welcome this latest wave of high-quality, low-cost new homes - all of them in great locations.

"Each week brings another set of statistics that highlight the true affordability of our shared ownership homes for cash-strapped homehunters who are frustrated by rising property prices. The average price paid by first-time buyers now stands at an eye-watering £209,000. Compare that with the average price paid by a Bromford shared ownership customer − most of them first-time buyers. It's just £83,131, or less than 40% of the national figure."

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Then compare the latest statistics for typical first-time buyer deposits, says Alan. The overall average, according to a survey by the National Housing Federation, is a whopping £30,000 or roughly the same as a year's pre-tax wages for a typical nurse, firefighter or plumber.

The average deposit for a Bromford shared ownership buyer? It varies quite a lot because some of our homes are built in high-price property areas like Solihull but, for most of our buyers across central England, the minimum figure is usually somewhere between £3,000 and £5,000.

"Builders have already made a good start at all of these new developments and we'll confirm the prices for each house type as soon as we can," says Alan. "In the meantime, my advice to buyers who want a great home in a great location at a great price is to call us now on 0845 60 10 878 and ask for more details or check out the online details in our Find A Home section and register for updates. You really don't want to miss out."

You can also keep an eye on latest updates by following us on Twitter and Facebook.

06 November 2014