Helping the boomerang generation to 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.”

Amy Piper and Sean Mitchell at the Badgers Dene Development in Kidderminster are just one example of first time buyers who have used shared equity to break out of the parent trap.

“After over a year of trying to save for a property, we were beginning to think that we would never be able to move out” said Amy: “But when we found out about Miller Homes’ offering a shared equity scheme, we were over the moon.

“Not only could we move into our dream first home, but the need to get together a full deposit vanished!”

Amy and Sean’s new home features a light and airy kitchen-diner, generous lounge and open plan staircase, leading to the spacious upstairs rooms. The thoughtful design is complemented by quality bathroom and kitchen fittings showing real attention to detail.

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