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Shared ownership unlocks buyer dreams in Rugby

THE DREAM of buying your own home is coming true for dozens of shared ownership buyers in Rugby − and for less on average than it costs to rent from a private landlord.

First-time buyer demand is so strong that all but one of eight two-bed Beckford homes at Butterfield Gardens are now reserved thanks to part-buy prices that start from just £56,250*.

It's a similar success story at our other Rugby development, Oaklands, with 11 homes sold and another eight reserved by shared ownership buyers.

Oaklands Dunnock 960x400
 
That leaves just three Oaklands homes up for grabs and another five coming soon with prices as low as £60,750** for a two-bed Nightingale home or £83,250 for a three-bed Dunnock*** (pictured above).

Bromford Homes Head of Sales Alan Bradley urges local first-time buyers to grab these last few opportunities while they can. "Rugby is like many places these days − property prices are fairly high and incomes relatively low for ordinary working people," he says.

"We know that people still aspire to own their own home − and shared ownership can make that dream come true at an initial price that people can afford and a monthly cost that is typically cheaper than renting a similar home from a private landlord.

"It's a real win-win for first-time buyers on ordinary incomes and a growing number of people who, before the credit crunch, would probably have been able to buy a first home the traditional way. People can have a combined household income of up to £60,000 and still qualify."

First-time buyer guide 640 x 340
 
With shared ownership, buyers purchase between 25% and 75% of a new Bromford home rather than buy outright − the exact amount depends on their income − and pay low rent on the remaining share.
 
"The strong demand we've experienced at Butterfield Gardens and Oaklands says it all − and in the case of Oaklands follows a very successful first phase of shared ownership a year or so ago," says Alan.

"It's no wonder then that so many first-time buyers from Rugby − and the rest of Warwickshire and central England − are saying such a big YES to shared ownership. We expect the remaining homes at Oaklands and Butterfield Gardens will be snapped up very soon."

Ways to buy 640 x 340

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

* £56,250 would buy a 45% share of a two-bed Beckford with a full market value of £125,000. A deposit of £2,813 assumes a 95% mortgage on that minimum share.
* £60,750 would buy a 45% share of a two-bed Nightingale with a full market value of £135,000. A deposit of £3,038 assumes a 95% mortgage on that minimum share.
* £83,250 would buy a 45% share of a three-bed Dunnock with a full market value of £185,000. A deposit of £4,163 assumes a 95% mortgage on that minimum share.

20 January 2015