According to the latest figures, nearly one third (32%) of adults aged 18-34 are living in their parents’ home, compared with around 25% of the same cohort in 1997.[1] This so-called Boomerang Generation are finding themselves returning to the family home in order to save for a house deposit, which is exactly what Sophie Wilmott (31), her husband Chris (33) and their sons Archie (11) and Stanley (8) decided to do five years ago. The family moved in with Chris’ parents in order to save and this year were able to buy their first home: a three-bedroom townhouse at David Wilson Homes’ Cane Hill Park development in Coulsdon.
Sophie and Chris, who works as a manager, were previously renting a three-bedroom house in Wallington, London Borough of Sutton, but were determined to be homeowners. The couple considered their options and were able to move with their sons into Chris’ parents’ house in Wallington. After five years of careful saving, Sophie and Chris were able to buy their first family home with a five per cent deposit using Help to Buy London this year.
Sophie, who works in recruitment, comments: “We wanted to get out of the rental cycle, but it was proving to be impossible to save while renting, so we were really happy when Chris’ parents agreed that we could move in with them. It’s made such a difference to our finances as we could save a lot more each month than when we were renting. When we found out about London Help to Buy from a colleague, this was an added bonus as we could afford to buy what we wanted sooner.”
Launched in 2013, London Help to Buy is the government’s equity loan scheme, through which the government lend buyers up to 40% of the cost of their new home. This allows first time buyers and those moving up the property ladder to purchase a property with just a five per cent cash deposit and a mortgage on only 55% of the property value.
Sophie adds: “Our new house is a townhouse which is great, because it gives us all lots of space. It was really important to us that we would be able to have space to entertain family and friends, and the open plan layout downstairs means that we can now do this. The boys have the middle floor to themselves, with two double bedrooms, and they have their own bathroom which is great! Meanwhile Chris and I have the top floor and our own bathroom, so everyone is happy.”
Natalie Perry, Sales and Marketing Director for David Wilson Homes Kent, comments: “There is an increasing number of adults choosing to return to the family home in order to save for a house deposit of their own, as rent costs continue to spiral, making it harder for would-be homeowners to save. We are delighted that Sophie and Chris have been able to purchase their first home using Help to Buy London at Cane Hill Park, and would encourage aspirational homebuyers to get in touch to see how they can get their foot onto the property ladder in the same way.”
Sophie and Chris found out about Cane Hill Park from a number of friends and colleagues that also live at the development, and when they looked for themselves, they were impressed with what they found. Their new home is within walking distance to Archie and Stanley’s schools, and is ideal for Sophie and Chris to get to work in Croydon. What’s more, the fast connections into London are perfect for Sophie, who frequently travels across the country for work via the city.
Sophie continues: “We felt such a strong sense of community as soon as we visited the development, and after speaking with people we know who live at Cane Hill Park, we were confident that this was the place for us to settle. Alongside being in such a convenient location for work and schools, the development is perfect for the boys to play outside and ride their bikes.”
Cane Hill Park is located in the London Borough of Croydon, and sits within an attractive parkland setting. Retained open green space and children’s play areas are spread across the development, while specially-designed woodland walkways provide a green link to the nearby shops and railway station. The development will feature a restored historic water tower and chapel at its heart, a linear park for all residents to use, and a long tree-lined entrance driveway.
Coulsdon itself boasts numerous local amenities, including restaurants, shops and a Waitrose. Nearby Croydon is currently undergoing an extensive regeneration project, which will include a Westfield Shopping Centre once complete.
Located within a ten minute walk of Coulsdon South railway station, residents can take advantage of speedy connections into the capital, reaching London Bridge and London Victoria in 21 and 28 minutes respectively. Key locations outside of London are also within easy reach, with Gatwick Airport just a 19 minute train journey away. The development is well served by main roads, with the A23 connecting residents to the M25 and M23 for travel further afield.
Currently on offer at Cane Hill Park is a collection of three- and four-bedroom houses, with prices starting from £585,995 for a three-bedroom semi-detached townhouse. London Help to Buy is available on all properties under £600,000 at the development, with Part Exchange options also available.
To find out further details about Help to Buy or the homes available at Cane Hill Park, call 0333 355 8503 or visit www.dwh.co.uk
ENDS
NOTES TO EDITORS
For further information about David Wilson Homes please call Hollie Moore on 01784 226923 / 07366 142715 or email [email protected]
- David Wilson Homes is part of Barratt Developments PLC – a FTSE 100 Company
- Barratt Group sold 17,579 homes in the year to June 2018, making it the biggest housebuilder by volume in Britain
- Barratt Group was awarded a maximum five-star rating for the tenth consecutive year in the 2019 Home Builders Federation Customer Satisfaction Survey
- Site managers working for Barratt Group won 84 awards for quality workmanship in the 2019 NHBC Pride in the Job Awards. Barratt has won more Pride in the Job awards than any other housebuilder for a record 14 years in a row
[1] https://www.theguardian.com/money/2019/apr/20/the-boomerang-generation-still-living-with-their-parents