Aspiring homeowners in Clayton-le-Woods are being offered the chance to realise their ambitions, thanks to a new development offering shared ownership.
The average house price in the borough of Chorley is nearly eight times the average salary but Together Homes, part of Together Housing Group, is offering homes at Oaktree Grange from just £63,900 for a 45% share of a two-bedroom townhouse.
Located on the doorstep of Cuerden Valley Park, Oaktree Grange offers a mix of three bedroom detached, three-bedroom semis and two and three-bedroom townhouses.
Each energy efficient home boasts a modern fitted kitchen with integrated appliances and white goods, private parking and a spacious garden.
The income required for an 80% mortgage in Chorley is £45,039 but with mean earnings in the borough only £25,407, the average worker would need a 77% pay rise to stand any chance of getting on the property ladder.
With home ownership significantly out of reach for many households, the rental market offers an increasingly popular alternative but with the mean monthly private sector rent in Chorley at £568, this is also becoming increasingly unaffordable.
Shared ownership offers the best of both worlds, allowing those who wouldn’t otherwise be able to afford to buy on the open market the chance to part-buy and part-rent and you can buy more shares as your circumstances change.
Together Homes Sales Consultant Nichola Haworth said: “Not only should you pay less with a combined mortgage and rent than you would buying on the open market but you only need 5% of the deposit relative to the share you are buying rather than 5% of the market value. You can buy greater shares in your home as and when you can afford to, eventually owning 100% of your home outright.
“Although shared ownership homes are popular with first time buyers, we also recognise that circumstances can change at any time in your life so our schemes are not exclusive to first time buyers. Shared ownership could ensure you remain on the property ladder even through difficult times such as a relationship breakdown or a change in financial circumstances.
Oaktree Grange boasts the park and woodlands of Cuerden Valley Park on its doorstep and just over two miles away, you can enjoy the woodland, gardens and miniature railway of Leyland’s Worden Park.
The towns of Leyland, Chorley and Preston are just a short drive or bus journey away. With junction 28 of the M6 and Leyland railway station both less than a mile away, these homes are ideal for commuting to work or the picturesque Lake District and beyond.