Boomerang generation bounce back

Miller Homes is urging the so-called “Boomerang Generation” to use shared equity schemes to escape, “the parent trap” after figures releases from housing charity Shelter showed an extra 111,000 16-29 year olds had either moved back home or never left their parent’s home in the year to December 2008.

The developer has warned that the clock is now ticking on shared equity deals, predicting that the schemes currently on offer won’t be around indefinitely.

According to Miller Homes, whilst thousands of buyers have used shared equity to get a foot on the property ladder, there are still thousands more buyers who claim they have not heard of the scheme, despite being desperate to fly the family nest and buy a place of their own.

Sue Warwick, National Sales and Marketing Director for Miller Homes, said; “It is so sad to hear of young people being, ‘at the sharp end of the recession’ and losing their independence. In a great many instances – this needn’t be the case.

“Admittedly, a certain percentage of young people have to live at home because of worries over job security however, there are thousands who have jobs but can’t leave home because banks want such large deposits.

“Homebuy Direct was designed with this exact group in mind – individuals, partners and families with a combined income of under £60,000 and struggling to raise the funds required to meet today’s strict lending criteria.”

Under Homebuy Direct, house hunters purchase 100% of their home, paying 70% of the value – with a developer, such as Miller Homes, and the Government equally funding the remaining 30%. This 30% equity loan only becomes repayable after 25 years or when the customer sells their home – whichever comes first.

Sue added; “For thousands of buyers, Homebuy Direct has been a dream come true. It gives young people the security they crave – a home of their own – and, with Government backing, Homebuy Direct provides a sense of confidence that no other scheme can truly match.

“In our experience, when people look into the scheme, they rarely walk away. In fact, the vast majority of our sales right now are through shared equity schemes – be it our own (MiWay) or Homebuy Direct.

“Our worst fear is that the British public won’t take up this great opportunity and the “Boomerang Generation” will miss a chance to bounce back from this recession.

“First time buyers, and those in need of a helping hand, need to take action and seize the opportunity while it’s still there.”

Samantha Brook, on Miller’s Sovereign Park development in Liversedge is just one example of a first time buyer who used shared equity to break out of the parent trap. Mother of one, 24 year old Samantha, had lived in a cramped three bed semi with her daughter, parents and siblings. Now, thanks to Miller’s MiWay shared equity plan, Samantha has been able to fly her parents nest and create her own family home.

Sam, managed to purchase a two bedroom apartment and said: “I couldn’t believe it, I had found a fantastic apartment in the perfect location I would have never dreamed I would have been able to afford it. But after going through everything with the financial advisors I found I could. In 10 years time my daughter will be 18 years old and my circumstances will have changed so MiWay is the perfect solution for me now.

“In fact if it hadn’t been for Miller Homes and their MiWay scheme I would still be living with my parents, and my daughter wouldn’t have her very own ‘Hannah Montana’ themed bedroom!”

For further information on Homebuy Direct, visit millerhomes.co.uk/promo/homebuy/.