‘Bank of Mum and Dad' boosts apartment sales in Kennington

With mortgage funding still in short supply, the ‘Bank of Mum and Dad' is playing an important part in the sales success of a new Barratt development in Kennington, London SE11. A fifth of all recent sales have been to first or second-time buyers who have only been able to get on the property ladder with the help of cash from their parents.

Although it's not a new phenomenon, Barratt London managing director Alastair Baird - whose sales staff are quite used to negotiating with entire families - says the proportion of buyers relying heavily on parental help has increased markedly.

"In normal trading conditions we would expect somewhere between five and ten per cent of buyers to be using significant contributions from their parents. At Kennington Park Square it is double that number, and we are seeing more of it at other developments, too."

He added: "Most parents want to help their children when they are setting up home for the first time, and we often see them paying for furniture and other costs. But now, with mortgage lenders generally requiring larger deposits, younger buyers particularly are relying on ‘the bank of mum and dad' to cover a significant chunk of the purchase price."

Kennington Park Square - located within strolling distance of the Houses of Parliament - offers apartments at prices under £420 per square foot. Located close to the fringes of central London's Zone 1 - where per-foot costs of £600 or more have been common in recent years - Kennington Park Square represents outstanding value for money.

The £42 million project is under way on land bounded by Black Prince Road and Kennington Road, SE11, and offers one-bedroom apartments for sale at prices starting from under £265,000.

All homes have fully-fitted designer kitchens, complete with integrated appliances, plus fully-fitted bathrooms, including en suites in the two-bedroom homes. All apartments will have balconies or terraces from which to enjoy the views.

Kennington Park Square is in an outstandingly convenient location, just a few hundred yards from Kennington Underground which offers services to London Bridge in 5min, Leicester Square and Bank in 7min, and Kings Cross in 16min.

Vauxhall mainline rail station is around half a mile away, while the Imperial War Museum, Lambeth Palace, the South Bank and the Thames are all within easy walking distance. Borough Market is less than 2 miles.

Prices at Kennington Park Square start from £264,995 for one bedroom apartments. Barratt is also offering a range of assistance plans, through which qualifying buyers can get a variety of help towards buying a new apartment.

A sales office and show apartment is now open at Kennington Park Square seven days a week, 10.00am to 6.00pm.

For more information, log on to Barratthomes.co.uk.