• 79% of first-time buyers choose to stay close to their parents when buying a property
• 80% of those see themselves continuing to live closer to their parents for many years to come
First-time buyers are turning their backs on independent living and laying down their roots close to mum and dad, according to new research by Crest Nicholson*. The study of first-time buyers reveals that four in five (79 per cent) choose to buy a property within 20 miles of their family home, with almost one in five (20 per cent) buying less than 15 minutes away from their parents. In fact, such is their devotion to their folks that four in five (80 per cent) see themselves continuing to live close to their parents for many years to come.
Help around the house and home comforts are key reasons for living close to parents, with many respondents relying on mum and dad for help with babysitting. A large proportion cited good relationships with siblings as a reason to live close to home, as well as having childhood friends who still live in the area. Most people indicated that they genuinely like the area that they grew up in and were keen to stay in the area for its amenities.
Annette Cole, Sales & Marketing Director for Crest Nicholson Eastern, comments: “Buying your own home is one of the biggest changes people encounter. Our research shows that people are making the move onto the property ladder, but aren’t quite ready to fully cut the apron strings. Adult children are choosing to stay close to the family home not only because they enjoy spending time with their parents, but also because they genuinely like the area that they grew up in.”
One development which has seen a large number of first-time buyers purchase there, in order to be close to their family home is Crest Nicholson’s Larks Reach at Kings Warren development in Red Lodge.
Larks Reach is a stylish collection of three and four bedroom houses and two bedroom apartments. Kings Warren has been carefully master-planned to create a fully integrated community that is perfectly situated to enjoy the best of both town and country living, with a range of first class local facilities. Along with 1,250 new homes, when complete the development will also feature a well-equipped sports complex that will include three standard football pitches, as well as a cricket pitch complete with pavilion and changing rooms.
As well as offering a peaceful rural setting, an excellent road and rail infrastructure close by means that Kings Warren residents are well connected. Newmarket is less than 15 minutes’ drive along the A11. Kennet Station is located just three miles away and provides frequent and direct rail links to Cambridge in just 30 minutes, where trains run directly to London Kings Cross station in just under an hour. Alternatively, Cambridge city centre is just 18 miles by road and there is also easy access to the A11 and nearby A14.
Prices at Larks Reach start at £120,000 for a two bedroom apartment, £185,000 for a three bedroom house and £203,500 for a four bedroom home. For more information on Larks Reach please call the Sales and Marketing Suite on 0870 755 1632 or visit www.crestnicholson.com/kingswarren.