More first-time buyers stay close to parents

Date:

Thursday 1st July 2010

A growing number of first-time buyers are choosing to buy property located closer to their family home, according to fresh research by new home builder Crest Nicholson.

The study of first-time buyers reveals that 79% of those surveyed choose to buy a new home within 20 miles of their family home, with almost one in five buying less than 15 minutes away from their parents. In fact, such is their devotion to their folks that four in five (80 per cent) see themselves continuing to live close to their parents for many years to come.

Help around the house and home comforts are key reasons for living close to parents, with many respondents relying on mum and dad for help with babysitting. A large proportion cited good relationships with siblings as a reason to live close to home, as well as having childhood friends who still live in the area. Most people indicated that they genuinely like the area that they grew up in and were keen to stay in the area for its amenities.

Chris Warner, sales & marketing director for Crest Nicholson South, comments: "Buying your own home is one of the biggest changes people encounter. Our research shows that people are making the move onto the property ladder, but aren't quite ready to fully cut the apron strings. Adult children are choosing to stay close to the family home not only because they enjoy spending time with their parents, but also because they like the area that they grew up in."

Crest Nicholson's Poole Quarter in Poole, a large coastal town and seaport in the county of Dorset, on the south coast of England, is proving particularly popular with first-time buyers wanting to stay close to their family home.

Poole Quarter is situated near the highly desirable area of Sandbanks and is just 300 metres away from the sea. A one bedroom apartment at Poole Quarter starts from £152,000.