New research from the Office of National Statistics has revealed that 20 to 34 year-olds in the UK are more likely to be sharing a home with their parents than at any time since 1996 . A combination of high property prices, particularly in London, coupled with mortgage lenders' increasingly high deposit requirements have forced many to move back in with mum and dad, with home ownership rates for millennials dropping by a quarter in the last decade.
One first time buyer who found herself living back with mum and dad whilst trying to save for a deposit was Chloe Stylianou. The 29-year-old wanted to live in London, but the high property values left her priced out of the market. She 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 Notting Hill Genesis' Rathbone Market in Canning Town, E16, she knew she had found her way out of their parents' pockets and onto the property ladder.
Chloe, a PA for a national broadcaster in the City, explains: "My partner, Tom, and I had been living with his parents in Caterham in Surrey to save for a deposit, which is a lovely place but quite far out of the capital where we both work. I'd always wanted to live in London, but also wanted to own my own home, which left my options rather limited.
"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 Genesis' 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. 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!"
She continues: "Notting Hill made everything really simple, even recommending a solicitor and a mortgage advisor. The benefit of it being a new build meant that there was no onward chain, and it all moved so quickly that I completed just four months after making my initial application. 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."
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. " "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. There's lots of building work going on locally that makes me feel like I've really made an investment in Canning Town: I am definitely going to staircase so that I can own my home outright one day and reap the rewards."
Rathbone Market is a brand new, architecturally-striking development at the heart of the Canning Town and Custom House regeneration programme. Located on Barking Road, 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 and ample cycle storage.
The homes are all designed with urban living in mind, with modern kitchens and bathrooms, and outdoor spaces in the form of balconies or terraces to many.
Ideally located for easy access into the city, Rathbone Market is a five minute walk to nearby Canning Town station, in Zone 2/3, offering both the DLR and Jubilee lines. The area is also well-served by local bus routes and nearby Custom House will soon be home to Crossrail.
East London boasts a wide range of local amenities. One stop south on the Jubilee Line from Canning Town, the O2 Arena in North Greenwich boasts a wide mix of bars, restaurants and nightlife, as well as being one of the largest indoor events venues in the UK. Stratford, two stops north, is home to the Westfield shopping centre, the Queen Elizabeth Olympic Park and Olympic Stadium. Closer to home, Hallsville Quarter will be a Canning Town's revitalised town centre with a mix of facilities for residents to enjoy.
The Shared Ownership scheme from Notting Hill Genesis allows residents like Chloe to get on the ladder by purchasing between 40% and 75% of the property, paying subsidised rent on the remainder. Residents can then increase their share at any time, all the way up to 100% and outright ownership.
The third and final phase at Rathbone Market comprises 45 one, two and three bedroom Shared Ownership apartments, due to launch later this year. For more information please visit www.nottinghillhousing.org.uk