Escape the parents with a new home

Date: Thursday 26 December 2013

Escape the Family

Empty-nest syndrome is fast becoming a thing of the past as an increasing number of grown-up children are living in the family home well into their 20s and 30s.

Research by the National Housing Federation suggests as many as three in 10 parents have at least one adult child, aged 21 to 40, still living with them at home.

And the reason for this increasing number of stay-at-home children? Many say they simply can’t afford to buy a place of their own.

But those dreams of getting on to the property ladder could become a reality with a brand new Taylor Wimpey home thanks to the Government’s Help to Buy shared equity scheme.

Kevin Belsham, UK Sales and Marketing Director for Taylor Wimpey, says: “The trend for stay-at-home children and ‘boomerang kids’, who come back after university, is certainly on the up, but there’s no reason why these young adults can’t realise their dream of home ownership using the Help to Buy scheme.

“This fantastic scheme could help first time buyers to secure a fantastic new Taylor Wimpey home with just a 5% deposit- and at last give mums and dads the peace and quiet they deserve!”

With the Government’s Help to Buy scheme, both first-time buyers and existing homeowners alike can secure a Government loan of up to 20%  of the value of the property – meaning they only require a 75% loan-to-value mortgage and a 5% deposit.

Help to Buy is available on new-build properties up to the value of £600,000 (£400,000 in Scotland and £300,000 in Wales). There is no salary cap for homebuyers taking advantage of the scheme.

Research by the National Housing Federation published in September 2013 revealed three out of ten parents (27%) have at least one adult child aged between 21 and 40 living at home, while two-thirds (66%) of parents with at least one adult child living at home say they are doing so because they simply can’t afford to move out.