Joy as affordable home sales set to hit 134
BROMFORD's affordable home sales hit a target-breaking total
during 2014-15 − thanks to strong demand from first-time
We're set to hand over the last set of keys to a happy shared
ownership homebuyer at Foxlow Grange, Aylesbury on
Monday (March 30).
That will bring the total number of completions to 134 for the
last financial year − and there's no sign of any let-up in
demand from would-be homebuyers on lower incomes.
Builders are already working on a new wave of top-quality homes
that come with a long list of mod cons and other features, great
locations and − most important of all − low deposits and
low monthly costs.
Our target for 2015-16? It's 160 shared ownership and equity loan
sales at developments across central England − ranging from Long Buckby and (pictured
below) Crick, near
Northampton, to Hagley in Worcestershire and Brockworth, near
"We're delighted to have beaten our year-end target − and to
have helped 134 homebuyers achieve their dream of owning a home
they can call their own," says Bromford Homes Head of Sales Alan
"Shared ownership's low deposits of around £3,000* and low
monthly costs − lower, on average, than it costs to rent from
a private landlord − really do make all the difference for
people who can't afford to buy on their open market.
"And we have another affordable option for customers in the form
of our equity loan schemes at Cirencester
and Northleach in the Cotswold
district − recently highlighted in the news because of the widening affordability gap
for first-time buyers.
"Affordability − that's the secret behind this
target-breaking total of completions. Being able to hand over so
many new homes is such a rewarding achievement for me and all the
other members of the Bromford Homes team.
"Each time we hand over the keys to a Bromford buyer is the
moment when another property dream comes true, the moment when all
their hopes and dreams come true."
That's certainly true for first-time buyers like Inga
Lapina − an enthusiastic supporter of shared ownership, having moved into
her two-bed part-buy, part-rent home at Holmwood, Coventry, just
Deposits and purchase prices are much more affordable with
shared ownership, she confirms, and in her case she is around £100
a month better off buying than she was renting from a private
"My friends can hardly believe it when I tell them," says Inga
(above), a quality inspector at the nearby Unipart factory in
Coventry, "especially once they've been here and seen what a great
home this is. Sometimes I can't believe it myself!
"I think a lot of people don't know about shared ownership or
don't really understand how it works. My advice to them? Talk to an
expert and take a look at a new shared ownership home like mine.
They're built to a really high standard - the same as the other
houses built on this estate by the private developer − and
they come with all the mod cons you need like a really
well-equipped kitchen and bathroom.
"Then compare one of these warm, modern homes with a typical
house being rented out by a private landlord. In my experience,
they're cold, you have little or no privacy if you're sharing, and
the rent is always going up.
"Shared ownership offers first-time buyers like me a real
alternative that I can truly afford. I would definitely recommend
it if you can save enough for a deposit or borrow it from family or
* In the case of Holmwood, Coventry, your deposit can
be as little as £2,813. That assumes a 95% mortgage when buying a
typical 45% share of a two-bed house (above) with a full market
value £125,000. That 45% share costs £56,250. In another typical
example − Buckby Meadows, Long Buckby,
near Northampton − your deposit on a two-bed home could be
just £3,300 if buying a 40% share for £66,000. The actual amount
you buy depends on your financial circumstances but 40-45% is
fairly typical and the maximum share is 75%. You pay low rent on
the remaining share.
To find out more about shared ownership, equity loan and
Bromford developments across central England call 0845 60
10 878 or register for updates. You can also
keep in touch by following us on Twitter and Facebook
27 March 2015