First-time buyers can buy a house with 5% deposit
Friday, 11 February 2011 10:40 AM
Many of Britain's first-time buyers are probably starting to feel as though they'll never afford a home of their own – but through a shared ownership deal like this one, getting on the property ladder could be easier than you think, writes Anthony Hill.
These spacious three-bedroom properties in Chichester, West Sussex, are priced from £290,000. But with the offer of shared ownership on the table, you can buy a 25 per cent share for just £72,500. In this instance, only a five per cent deposit of £3,625 would be needed.
Yvette Ruggins, sales director at Affinity Sutton, the affordable housing provider behind the scheme, explained: "Purchasers have the flexibility to buy more shares initially or when they can afford it and could own 100 per cent of the property in time.
"Buying a shared ownership home often costs less than renting, so it’s well worth finding out if you’re eligible," she added.
Graylingwell Park benefits from a wonderfully green setting, though it is actually located less than one mile from the centre of Chichester. Once work on all 750 properties is complete, the development will feature landscaped grounds, nature trails and leafy open spaces.
The three-bedroom residences feature a large open-plan living/dining space opening onto the garden, with a separate kitchen and three good-sized bedrooms.
For those seeking a smaller home, Affinity Sutton has five two-bedroom houses remaining, with fractional prices from £62,500 with a £3,125 deposit – full purchase price from £250,000.
For full details visit GraylingwellPark.com.
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