Prices confirmed for affordable homes in Knowle
FIRST-TIME buyers are being offered a rare chance to get on the
Knowle property ladder for a fraction of what it would cost on the
Yes, you can snap up a one-bed apartment at Arden
Fields − not far from the heart of this sought-after
village near Solihull − for as little as £72,000* through
low-cost shared ownership.
Part-buy prices start from just £110,250** for a typical 45%
share of a two-bed house and just £126,00 for a family-sized
three-bed − all built for us by Miller Homes.
With our typical prices − and deposits − less than
half what it would cost for an open-market purchase, Bromford Homes
Head of Sales Alan Bradley predicts strong demand from eager
first-time buyers who are priced out of the traditional property
"Knowle is a very desirable place to live and this is reflected
in the asking prices for all kinds of local houses and apartments.
As a result, most first-time buyers on ordinary incomes are quite
simply priced out," says Alan, an expert in shared ownership.
"Shared ownership offers them an affordable way of making their
home ownership dream come true. These houses and apartments are
built to the same high quality as the open-market homes that Miller
is building alongside them, and they come with all the mod cons,
other features and contemporary room layouts that people want these
"The big difference is the cost. With shared ownership, you
commit to a relatively small mortgage and therefore have to find a
much smaller deposit. It's a truly affordable alternative to
private renting or living at home with your folks."
A typical deposit for, say, a two-bed house at Arden Fields can
be as little as £5,513** if buying a typical 45% share and, in the
case of a one-bed apartment at Arden House (pictured above), just
The development off Hampton Road will include a total of nine
shared ownership houses − most of them three-bed Hawthornes
(pictured below) − and four apartments. A stylish kitchen with
stainless steel oven, hob and extractor, modern bathroom and
off-road parking all come as standard, together with
ultra-efficient boiler, high-quality double glazing and other
energy-saving features that help to reduce gas and electricity
Building work is now under way and, if all goes according to
schedule, the first homes will be finished before Christmas.
* £72,000 buys a 45% share of a one-bed apartment with a full
market value of £160,000. A minimum deposit of £3,600 assumes a 95%
mortgage on that share, with low rent payable on the share you
** £110,250 buys 45% of a two-bed house with a full market value
of £245,000 and a minimum deposit of £5,513 assumes a 95%
*** £126,000 buys 45% of a three-bed house with a full market
value of £280,000. A minimum deposit would be £6,300, assuming a
95% mortgage on the share you buy.
To find out more about Arden Fields and shared ownership, call 0845 60
10 878 or register your
interest online. You can also keep in touch by following on Twitter or Facebook
16 September 2014