Sibling harmony in Surrey

Linden Homes has reported a significant increase in the number of friends and family members becoming joint property owners, as today’s generation of first time buyers realise that pooling funds is the most affordable way of getting on the housing ladder. The average age of a first time buyer in 2007 has reached 34, with typical deposits in the region of £25,000 as house prices continue to soar.

Consequently, many buyers are now viewing the process as a continuation of their flat sharing days, teaming up with like-minded individuals to gain an earlier footing on the ladder.

Twenty-nine year old accountant Anthony Acquah began his property search by looking for a one bedroom apartment in London, but found that his budget would only stretch to properties he found to be too small. An opportunity arose when Anthony’s sister Donna (31) also decided to buy, allowing the pair to pool resources in order to buy a larger home together.

Their combined funds allowed them to buy a spacious top floor duplex apartment for £350,000, at Linden Homes’ Water Colour development in Redhill, Surrey, a scheme they were both aware of having worked nearby.

Anthony said:

“It was very fortunate that Donna and I were looking to buy a place at the same time. Neither of us could afford to buy a decent sized apartment around London on our own, so clubbing together has enabled us to get a larger home which suits our needs.”

Anthony and Donna are each responsible for 50% of the fixed rate repayment mortgage and divided the deposit cost of £17,500, dropped to 5% by Linden’s offer to first time buyers. The pair have a verbal agreement to find a tenant should one opt to move out. Originally from the Wirral, Anthony and Donna now work in London and saw the apartment as a convenient base for work as well as an excellent investment opportunity for the future.

Anthony adds:

“We didn’t feel it was necessary to put any legal agreements in place – we both just agreed to take responsibility for sourcing a tenant if one of us decided to move out.

“I have set a five year plan for myself with a view to moving back to the North West to be nearer my family. I am confident that the apartment is a safe bet for the future. It is very convenient for commuting into the city, but is located away from the hustle and bustle, which was one of the main selling points for me. We have a lot of space, two good sized bedrooms and amazing views of a nature reserve and lake which form part of the development.”

Paul Cooper, Managing Director of Linden Homes South East, comments:

“Buying jointly with friends or siblings is becoming increasing popular as young people struggle with property prices in today’s market. By pooling funds, raising a deposit becomes more manageable and the combined income enables sharers to buy a home they actually want to live in.”

The Artist’s Quarter apartment complex is be located at the heart of the Water Colour community, surrounded by all the new village amenities which include a doctor’s surgery, fitness centre and food store. Prices for two bedroom, two bathroom apartments currently start at £237,500, including balcony and allocated parking.

For further information visit Linden Homes at Lindenhomes.co.uk.