Fortuna sales hit milestone mark
Published by Michelle Thompson for Bromford Group in Housing and also in Communities
SHARED ownership sales have hit a new milestone mark at Bromford's landmark Fortuna development in Cirencester.
Bromford Homes has just handed over the keys to our 70th buyer − and, with another four homes reserved, the sales success story looks set to continue.
It's a cause of celebration for Bromford Homes Head of Sales (South) Trish Foster − and the trigger for a timely warning to other local homebuyers who want to get on to the property ladder in this sought-after part of Gloucestershire.
Her message to first-time buyers: "Be quick or you could miss out on the chance to buy one of these great homes at truly affordable prices − just like the 70 buyers who've already achieved their home-owning dream through HomeBuy shared ownership.
"We've still got a great choice of homes for sale but, now that Fortuna is 75% sold, we've got to say that the clock is ticking. In other words, when they're gone, they're gone. Now's the time to find out about Fortuna and how HomeBuy can make your home ownership dream come true."
Her encouragement for first-time buyers comes at a time when the house market is gathering strength. The number of mortgages agreed by lenders has risen for the fifth month in a row and the trend is forecast to continue.
"It's good news for buyers generally," says Trish, pointing to the latest Bank of England figures which show that the level of home loans is at its highest since December 2009.
"That said, it's still a tough market for first-time buyers. Lenders generally demand big deposits for traditional outright sales and that's where shared ownership can really make the difference.
It works like this − you buy between 25% and 75% of the home and pay rent on the rest. In the case of Fortuna, that means you can buy a three-bed house for as little as £57,500 − and a deposit that could be as low as £2,875. "
It's no wonder then that shared ownership has made the difference for many first-time buyers in the Cotswold area − and we look forward to handing over many more sets of keys this year."
* The minimum £57,500 price is based on a customer buying 25 per cent of a three-bed house costing £230,000. The deposit, based on a customer borrowing 95 per cent, would be £2,875.
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