Shared ownership makes home buying a reality in desirable Hagley
Bromford's new development of two and three-bedroom homes in
Hagley is providing an opportunity to buy for just a fraction of
full market price with shared ownership.
As many struggle to buy, this can be a real solution:
encouraging in light of recent findings from the National Housing
Federation which revealed that just 118,760homes were built
in England in 2014, more than a 120,000 shortfall on the 245,000
experts predict is needed every year. The Federation said: "Failure
to build enough homes is already pushing prices up out of reach;
the average first-time buyer today needs a deposit of £30,000 in
today's money, almost ten times the amount required in the early
Alan Bradley of Bromford Homes said: "We're looking to build
around 1,800 homes over the next three years and this year will
complete over 500 properties - 142 of those are shared ownership
which offers a route into housing for those with a limited
He said of shared ownership: "Many people aren't even aware of
it and think that if they don't have savings or borrowing power,
their only option is to rent. What many are delighted to discover -
once they have stumbled across shared ownership - is that it can,
in fact, be cheaper than renting and will provide them with a home
they own a stake in from day one and the opportunity to
increase that stake as their affordability increases."
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 of a new home and then buy more as and when they
can afford to.
Alan concluded: "Shared ownership is an ideal option for young
buyers or for people who might be coming out of family breakdowns,
for example, a single parent with children."
Wychbury Fields new homes are situated in the picturesque
village of Hagley which benefits from a wealth of local amenities
and respected schools and is within 12 miles of Birmingham. The
homes are part of the Cala Homes development and are built with the
same care and attention as those available for private sale.
04 June 2015