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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 buyers.

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 Gloucester.

The Thornby

"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 Bradley.

"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.

Northleach1

"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 before Christmas.

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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 landlord.

"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 friends."

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* 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