Michael
37-year-old Estate Agent, Michael, has shared how he is saving £400 a month living in a brand new apartment at Belgrave Village in central Birmingham.
Michael Swords has recently moved from the Birmingham suburb of Erdington to the £106m development, which will feature a total of 438 houses and apartments when building work completes in spring 2025. Accessed off Belgrave Middleway (A4540), just outside the city’s Ultra Low Emission Zone, the 12-acre regeneration project is being delivered by Wavensmere Homes, in partnership with Galliard Homes and Apsley House Capital.
While prices for one-bedroom apartments currently start from £208,000, Mr Swords purchased a 30% share via Home Reach’s Shared Ownership scheme, where buyers can purchase a share on the home and pay rent on the unowned share, often making buying a property more affordable. The 5% deposit was £3,000. He pays a £330pcm mortgage repayment, together with £360pcm rent for the remaining 70% of the new build property. 80% of the Belgrave Village homes have already been matched with purchasers, and the cost to rent an equivalent apartment at the popular scheme is £1,100pcm.
Melissa Toomey, Director of Sales for Home Reach, comments: “The Home Reach team are very excited to be partnering with Wavensmere to deliver Shared Ownership homes at Belgrave Village. Offering prospective buyers the chance to step onto the property ladder through an alternative route with Home Reach, we are proud to be offering a selection of fantastic homes alongside one of the most reputable housebuilders.”
Micheal Swords, Belgrave Village resident and a Senior Lister for Connells Estate Agents in Birmingham, said: “I specialise in the valuation and preparation of sales particulars for lived-in homes coming onto the resale market, so I hadn’t got first-hand knowledge of Belgrave Village before choosing to buy there. I have two dogs, so green space and peaceful surroundings was as important to me as a quick commute into the office. When colleagues in the new homes team spoke about the development, it was just what I’d been looking for.
“I couldn’t afford to buy on the open market, due to the level of deposit required to obtain a decent mortgage offer. Shared Ownership with Home Reach opened up the opportunity for me to get on the property ladder with just a £3,000 deposit. Until I received the calculations, I had no idea what a saving it would be, compared to renting. My friends and family can’t believe I’m paying less than £700 a month. As it’s an energy-efficient new build, the bills are very low too. There’s no gas here, and electricity and water costs me a total of £80 per month.
“I feel like I’ve really landed on my feet here. Walking the dogs round all the open spaces is a great way to meet the new neighbours. I’m looking forward to the on-site gym and screening room opening in the next few months. Having not previously known much about Shared ownership, I am so pleased it was available to me. I like the thought of increasing my Ownership stake via staircasing, too.”
Four two-bedroom apartments are still available via Home Reach’s Shared Ownership scheme. The full value of each 648 sq ft property is £265,000, with part-purchase/part-rent available for at or upwards of a 30% share.
Speaking on his experience with Home Reach, Micheal comments, “I was surprised at the range of homes available through Home Reach’s Shared Ownership scheme, and it really did broaden my housing options. Instead of draining all of my savings for a property that ticked just some of the boxes, Home Reach has allowed me to find the home of my dreams without breaking the bank.
“From the beginning, the Home Reach team made it clear about how the process worked, and helped me with any questions I might have. I have only good things to say about my experience buying a home at Belgrave Village, and would recommend purchasing through Shared Ownership with Home Reach to anyone looking to get onto the property ladder.”