Most millennials would think arguments with parents over dirty dishes and left out laundry had long since faded into memory. But more 20-34 year olds in the UK are likely to share a home with their parents than at any time since 1996*. With a combination of high property prices particularly in London, coupled with mortgage lenders’ increasingly high deposits, moving back to basecamp to mum and dad is a convenient albeit temporary solution to help get first-time buyers on the property ladder.
29-year-old first time buyer Chloe Stylianou found herself living back with mum and dad to save for a deposit at Rathbone Market in Canning Town.
Keeping up the London lifestyle
Chloe and her partner decided to move in with his parents outside of the capital to save for a deposit, even though the distance meant they were missing out on the city lifestyle they craved. When a friend recommended Shared Ownership, and Chloe discovered Rathbone Market, she knew she had found her way out of their parents’ pockets and onto the property ladder.
How Chloe found out about Shared Ownership
"A friend had recently bought her first home through Shared Ownership and recommended the scheme to me, and upon further research I found Notting Hill Sales’ Rathbone Market in Canning Town. I was immediately grabbed by the amazing transport connections the area had, and how much there is going on here – everything we were looking for."
What happened next …
“I took Tom with me to the viewing, as he works in construction, and we were both blown away by the quality of the development too – it was a no-brainer! I bought a 40% share in my one bedroom apartment, which was priced at £275,000; my monthly outgoings are much more manageable than if I had bought on the open market, which means I can enjoy living here and making the most of my city life.”
What’s it like to live at Rathbone Market?
Chloe says: “My new home ticks all the boxes: it’s really spacious and light, which with Tom being 6ft 3” means a lot. I’ve been able to fit a king-size bed and a large wardrobe in the bedroom, plus even with the sofa and a chair, there’s room for a dining table in the living room. Even my friends have commented on how spacious the rooms are! Being so modern in design, it’s really eco-friendly, and means my monthly bills are so much lower than if I had bought an older property."
How long is the commute to central London?
Chloe says, “The location means I can get to work in Monument in under half an hour thanks to the DLR, and Tom is less than 40 minutes from his work by tube. Stratford is really close, where there is so much to do, which is great at weekends”
Rathbone Market is a brand new, architecturally-striking development at the heart of the Canning Town and Custom House regeneration programme. The development will deliver 650 new homes, as well as extensive new commercial and retail facilities, including a new market square, offices and an attractive courtyard garden, ample cycle storage and exclusive residents-only allotments.