New Development puts Home Ownership in Reach

A new development of homes near Dudley is helping young couples and those struggling with high house prices get their first step on the property ladder.

The four two-bedroom apartments have been developed by Central Borders Housing Group for shared ownership in Yew Tree Lane, Coseley.

The deal puts the properties within reach of first time buyers and couples who otherwise would not be able to afford to buy their own home.

Buyers purchase a percentage of the property and pay rent on the rest. In time, as their income grows, they can buy more of a share if they want to. This means that, in Yew Tree Lane, a minimum 40 per cent share can be bought for just £44,000, with rent of £137.50 per month paid on the remaining 60 per cent.

Emma Rennocks, development manager with Central Borders Housing Group said: “The gulf between income and house prices is still huge despite reports of a slow-down in the market.

“The average income in Dudley is £20,078 while the average property price is £153,837. This makes it incredibly difficult for many people to get on the property ladder and own their own home.

“Many resign themselves to having to rent indefinitely or else look to move out of the area to somewhere they can afford.

“Shared ownership properties are a way of making desirable homes affordable to people in the area where they want to live. They can get on the property ladder and then increase their share  of the building as their income increases, with the ultimate aim of owning it all themselves.

“We hope these four homes at Coseley will help young people get that foot up that they need.”

The properties, worth £110,000 on the open market, have been finished to a high specification and feature open plan kitchen/living area, fitted appliances including oven, fridge-freezer and washing machine, central heating, fitted wardrobes, carpets and car parking.

Anyone interested in finding out more should contact Skitts Estate Agents on 01902 686868 or visit our Coseley shared ownership page.

(Released 22nd February 2008.)