Affordable options to share in the boom

Jun 20 2006

Birmingham Post

Respected Midland figures from the property industry have been giving hints on how to get on the housing ladder. Developers, estate agents and property specialists joined forces to address younger buyers on their home-finding options. And they hit the message home that all is not lost for those on lower incomes. Sales and marketing director for Crosby Homes (Special Projects) Karen Anderson said her company was committed to development sustainable communities, offering a number of alternatives to would-be settlers. "City living developments have a distinctly fashionable, exclusive image yet it would be wrong to assume they are beyond the means of working people with limited budgets." The presentation affordable housing, staged by Birmingham Future, also heard from social landlord Prime Focus and its executive director, Peter Quinn. "Shared ownership has enabled many people from all walks of life to acquire property which may otherwise be beyond their budget. The city living market has matured over the years, with city workers now established as a key component." There were also words of encouragement from Liam Bailey, head of residential research at Knight Frank. "Over the last decade, the population in our major city centres has more than doubled. In Birmingham's case, the figure has risen from around less than 5,000 to over 11,000 today. But far from saturating the market, we believe there is still major growth potential." Current rapid growth was expected to lead to a period of stabilisation and "market maturity" from around 2010 to 2017. There are "affordable" options currently available at Crosby's Orion Building and their South-side scheme in Hurst Street. Would-be buyers who work in the city can buy selected units for 75 per cent of their open market value, passing on the benefit when they eventually move on. Under shared ownership schemes, buyers buy an agreed share of a property, paying rental on the remainder but with the option to increase their owner-ship share in line with their improving prospects and income. Details on Southside and Orion are available respectively from 0121 633 4400 and 0121 643 7944. Information on shared ownership from Prime Focus, telephone 0121 687 5054.