Last chances for shared ownership at St Paul's
Published by David Faers for Bromford Group in Local Government and also in Communities, Environment
St Paul's Walk sign
SINGLETONS and young couples are snapping up high-quality homes at St Paul's Walk, Cheltenham, for as little as £15,875*.
So many buyers have seized this affordable chance to get on the property ladder that just four of the original 18 houses and apartments are left unsold.
And Bromford Homes Sales Consultant Fabio Scimeca is confident that they too will be snapped by eager first-time buyers who can't believe the great value they get through the HomeBuy shared ownership scheme.
This part rent-part buy deal means that buyers can purchase a minimum 25 per cent share of a one-bed apartment for as little as £15,875* or the last remaining three-bed house for as little as £37,750*.
"Our success here at St Paul's Walk proves that shared ownership is a great way for people to get into the home-buying market," said Fabio.
"Most of the buyers are singletons and young couples but the deal is equally appealing for, say, a young family or maybe someone on a lower income who needs to downsize.
"Just think about it − the deposit on one of the three remaining one-bed apartments could be as low as £799 or as little as £1,888 for the three-bed house.
"Just compare that with what you would have to save for a deposit with a traditional outright sale.
"HomeBuy enables people to buy up to 75 per cent of their home and pay rent on the remaining share. We do everything we can to make sure that the deal is truly affordable for each buyer. When they come to us, we go through their finances with them and work out what they can really afford."
According to Fabio, the last few homes at St Paul's Walk are looking like even better value as household energy bills go up and up and winter draws near. It's because they all feature low-maintenance solar panels as well as thick insulation and high-quality double glazing.
"The panels cut down on energy use and, as a result, will save on energy cost. That's got to be welcome news for any household - but particularly as we head into winter and at a time when the average dual fuel bill is said to be more than £1,300 a year," said Fabio.
"That figure can only go up in the future so anything that slows the increase or even reduces the bill is surely a good thing. Add to that the fabulous insulation and great double-glazing and you can be snug at home on even the coldest without running up huge fuel bills."
St Paul's Walk is being built as part of an area regeneration by Cheltenham Borough Homes, with Bromford Homes marketing the shared ownership homes on their behalf.
Three one-bed apartments and a single three-bed house remain on the market.
The showhome is open Saturday to Monday 10am to 5pm. To find out more call 0845 60 10 878
* The minimum £15,875 price is based on a customer buying 25 per cent of a one-bed apartment costing £63,500. The deposit, based on a customers borrowing 95 per cent, would be £799.
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