Greyfriars unlocks affordable city living

Published by Michelle Thompson for Bromford Group in Housing and also in Communities

SIX stylish city centre apartments offer hope for first-time buyers who feel they can't afford to take their first step on to the property ladder in sought-after Lichfield.

They can make their home ownership dream come true at Bromford Homes' latest development, Greyfriars House, for as little as £37,500* through HomeBuy shared ownership.

The eye-catching Queen Street scheme is highlighted by Alan Bradley, of Bromford Homes, as a really affordable opportunity for Generation Rent − people who feel forever trapped in private rented housing − and other frustrated first-time buyers.

His message to local homehunters comes at a time when, according to a new report by a leading thinktank, many believe it would now take more than 20 years to save enough for a deposit on an average first-time buyer home.

"This Resolution Foundation report offers us yet more evidence to show how many people on middle to low incomes are struggling to get on the property ladder," says Alan, Head of Sales (North) at Bromford Homes.

"This reflects our own experience over the last few years in Staffordshire and other parts of the West Midlands. We're helping a growing number of people who, before the credit crunch, would have expected to buy outright.

"Many are now trapped in what's come to be known as Generation Rent or, as Resolution Thinktank has revealed, they say it would take them many, many years to save enough for a deposit on a traditional outright sale.

"We sympathise with that struggle − and the good news for aspiring homeowners with a household income of up £60,000 a year is that our shared ownership offer at Greyfriars House can make their dream become a reality."

The big difference with HomeBuy, says Alan, is that qualifying homehunters can buy between 25% and 75% of their new Bromford home − instead of buying a home outright − and pay rent on the remaining share. An affordability formula decides how big a share they buy, with a typical amount being around 45%.

"This means someone buying a minimum 25% can get on to the property ladder and enjoy all the benefits of city centre living in a contemporary two-bedroom apartment for as little as £37,500*," explains Alan.

"If they buy a 45% share, it's still really affordable at £67,500** and a deposit that could be as low as £3,375 with a 95% mortgage. Compare that with the hefty deposit that a typical lender will require for outright sale on a similar home.

"As many first-time buyers find out, lenders often require a deposit running into tens of thousands and, for most people, that means many long, hard years of saving unless you can tap into the Bank of Mum and Dad or the Bank of Gran."

Buying an apartment at Greyfriars House also ticks all the other homebuyer boxes, according to Alan. "The location couldn't be better if you want to work, live − and enjoy yourself − in the heart of this historic cathedral city," says Alan.

"Each of the six apartments comes with allocated parking − although you could easily manage without a car. Greyfriars House is a short walk from the cathedral, shops, bars, cafes, theatre and all the other city centre facilities that help add up to a great quality of life in Lichfield."

* £37,500 is a 25% share of a a two-bed apartment with a full asking price of £150,000. A 5% deposit on that share would be £1,875.
 ** £67,500 is 45% share on a two-bed apartment with a full asking price of £150,000. A 5% deposit on that share would be £3,375.

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