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1st-time buyer boost as Crick prices set

PRICES are now confirmed for five low-cost starter homes coming onto the market at St Margaret's View, Crick − and one of them could be yours for as little as £74,000.

That's enough to buy a 40% share through Bromford's part-buy, part-rent deal − also known as shared ownership − and your minimum deposit could be as little as £3,700.

Bromford Homes Head of Sales highlights the two-bed and three-bed houses being built for us by top private developer Barratt Homes as ideal for local first-time buyers on lower incomes.

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"We know how hard it is for younger people in this popular part of Northamptonshire − people who want to live near the place where they've got family, friends and work but can't afford to buy on the open market," says Alan.

"Shared ownership offers first-time buyers a truly affordable chance to get on the property market in this great rural setting with the nearest junction of the M6 just five minutes drive away."

The secret? Instead of buying outright, you buy a share of your new Bromford home − 40% is fairly typical but it can be as much as 70% depending on your household income − and pay low rent on the remaining share.

So, in the case of St Margaret's View, £74,000 would buy a 40% share of a two-bed with a full market value of £185,000 and a 5% deposit would be £3,700. Our Crick three-beds are equally affordable, with shared ownership prices starting from £84,000 for a 40% share and a minimum deposit of £4,200.

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"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," says Alan.

"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. It all adds up to a real message of hope for young people who fear they will never be able to afford a home they can call their own and believe their only option is private rent."

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

26 February 2015