Charles Church promotes parent power
21 April 2011
Having to raise a deposit is commonly stated as the biggest obstacle preventing first time buyers from starting out on the property ladder, and even with initiatives available to aid buyers the financial burden can often still prove to be too great.This, combined with the current state of the UK economy and the comfort of living at home, means more and more parents are finding that their children are leaving it later to spread their wings and move out. With a recent report from the Office of National Statistics demonstrating that, from birth to the age of 21 kids cost their parents an average of £140,398, it certainly puts an increased strain on the purse strings the longer your offspring stays at home.
For this reason, Camberley-based Charles Church Southern has been highlighting to parents that helping their children to buy their first property now, can help to free up their hard earned cash for the future and isn’t as expensive as they may think.
Tracey Lee, sales director for Charles Church Southern, explains: “Recent figures1 have highlighted that adult children who are still living at home cost their parents an average of £254 per month, over £3,000 per year, which could instead be put towards investing in their offspring’s first home helping them gain some independence.
“With the 70 per cent HomeBuy Direct shared equity scheme available at our much admired Medway Gate development in Kent and at other developments across the region, we’re finding an increasing trend of parents who are supporting their youngsters now by paying the modest five per cent deposit, in order to gain financially in the long run.”
Starting prices for those purchasing through HomeBuy Direct at Medway Gate are £90,965 for a two bedroom apartment including a living and dining area and en-suite to the master bedroom.
Tracey concludes: “At Charles Church we fully understand the financial commitment that children require, and by supporting them with purchasing their first home, this will not only alleviate the financial pressure, but also free up the family house for you to enjoy yourself!”
At Medway Gate, Charles Church boasts a fine selection of three and four bedroom homes all set in the desirable location of Strood close to the nearby village of Cuxton.
Cuxton offers an abundance of local amenities including a good selection of shops, pubs and a recreation centre as well as a good range of local state and independent schools. Situated around three miles away is the City of Rochester which also has a historic footing thanks to the world-famous dockyard and variety of antiques stores.