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Opportunity to get on housing ladder near Stratford-upon-Avon with shared ownership

Bromford is holding an Open House event at Hayfields Lawns in the desirable Welford-on-Avon area on Saturday, 4 July between 10am and 5pm.

Honeybourne

Providing an ideal opportunity to check out our only two part buy/part rent family homes, this popular Cala Homes development is set on the edge of the countryside with easy access to Stratford-upon-Avon and centrally located between Alcester and Bidford-on-Avon.

With shared ownership, one of these three-bedroom homes could be yours for as little as £91,000 with a minimum deposit of just £4,550.

This is particularly welcome news, considering latest research from the National Housing Federation which reveals Stratford-upon-Avon as the 'most difficult place in the West Midlands' to get on the housing ladder.

With over a third of house prices here being ten times the average wages for first time buyers, taking the lowest average annual income in Stratford-upon-Avon of £12,904 and the lowest average house price at £170,000 this increases to an affordability ratio of over 13 times that salary.

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The National Housing Federation highlights that the current generation of aspiring first time buyers are considerably worse off than their parents were when it comes to their chances of being able to buy a home. Due to successive governments failing to build enough homes to keep up with demand, house prices have been driven up and home ownership has fallen to a 29-year low. Average first-time buyers today need a £30,000 deposit, almost ten times the deposit required in the early 1980's in real terms.

Add to that, a YouGov poll which found that an overwhelming 87 per cent (almost nine in 10) of 18-34 year olds say it is difficult for their generation to get on the housing ladder in Britain and it seems an insurmountable mountain to climb.

Alan Bradley of Bromford Homes said: "That's why we offer shared ownership, making buying in this area a reality and not a far-fetched fantasy.

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"Many people aren't aware of shared ownership which can be cheaper than renting but with the benefit of being able to own your own home. Shared ownership is also a way of having more security, as a landlord can decide to terminate a tenancy at any time whereas shared ownership properties usually have a brand new 125-year lease.

"With monthly costs equally affordable − often lower or at least no more expensive than it costs to rent a similar home from a private landlord - we want to give real hope to those dreaming of home ownership." 

Shared ownership offers the chance to buy a share in a brand new leasehold property on a part buy/part rent basis and pay a subsidised rent on the part not owned. People can purchase between 25 and 75 per cent and then buy more as and when they can afford to.

To find out more about shared ownership call 0845 6010878 or register for updates. You can also keep in touch by following us on Twitter and Facebook.

30 June 2015