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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.

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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 1980s."

The Hunnington

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 budget."

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.

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04 June 2015