Don’t despair, Bromford's Bev tells Generation Rent
Published by SJC Communications for Bromford Group in Housing and also in Communities
AFFORDABLE housing expert Bev Hall, of Bromford Homes, has a message of hope for Generation Rent, the countless thousands of would-be homebuyers highlighted in an ITV1 news special.
"Don't despair because shared ownership could be the answer," Bev tells homebuyers like those who told Tonight presenter Jon Maitland about their bleak future − trapped in rented homes by the credit squeeze and lender demand for hefty mortgage deposits.
"The programme showed families who say they're trapped in Generation Rent and their dream of home ownership is out of reach even though they have a joint income of as much as £80,000 a year.
"Well, the good news is that shared ownership can make that dream come true even if your annual family income is as much as £60,000. Instead of buying outright, they buy between 25% and 75% of their home and pay rent on the remaining share. It's as easy as that.
"This means the deposit is much smaller and much more affordable. We've got many customers who've told us it has transformed their lives − and, with 19 new shared ownership schemes being launched this year, we've got something to suit hundreds of would-be homebuyers across central England."
Tonight's Generation Rent programme highlights a very real problem, according to Bev, Sales and Marketing Director at Bromford Homes
"We're talking about people who earn good money and would normally be able to buy their own home but are now asked to come up with tens of thousands in deposit to get a mortgage," says Bev.
"They believe they have no other option than to rent on the private market and pay as much if not more than they would in mortgage payments. That means they are unable to save enough to build up a hefty deposit and, in some cases, believe that it could take them as long as ten years to save enough."
According to Tonight, Generation Rent includes seven million people who want to buy a home of their own − and the charity Shelter has revealed that the average tenant in the most expensive part of the UK now pays 59% of their earnings on rent.
"People still want to own their own homes − and shared ownership makes that dream possible in a way that people can truly afford. In fact, buying your home can cost less then you might pay in rent," says Bev.
"It's not, of course, all about the money. Many of our shared ownership buyers tells us the security that comes with owning your own home is really important to them.
"This is especially true for families with children in local schools and who want to put down roots. Renting can make sense for some people but others tell us that having to move twice, three times on two months notice is upsetting and can make huge upheaval for families − especially those with children − and, of course, it could happen again and again."
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