First time buyer gets onto the property ladder by living with parents and using Help to Buy

According to The Office for National Statistics, over the last two decades, there has been a 46% increase in the number of young people aged 20-35 living with their parents to help save for a deposit. The government’s Help to Buy equity loan scheme has therefore proven popular as its 5% deposit requirement means that first time buyers can get on the property ladder sooner.

Tom Codd (35), a Menswear Fashion Account Manager, born and bred in North London was able to do exactly this by living at home with his parents in Bush Hill Park, Enfield and taking advantage of Help to Buy. He bought a one-bedroom apartment nearby at Dandara’s New River View development in Winchmore Hill which he purchased for £405,000 and thanks to Help to Buy was able to buy with a 5% deposit.

Tom, comments: “Before buying in Winchmore Hill, I lived at home with my parents in Enfield, just down the road from Dandara’s New River View development. I have been saving for a deposit for the last three years by living at home and the lockdown period definitely helped me save faster. I was determined to buy my own home so that I could have my own space, and when I realised I could make the move sooner by using Help to Buy I jumped at the chance.

“As soon as I saw the Dandara development in Winchmore Hill, I knew it would be perfect for me as I wanted to stay local to all my friends and family. I have been following the journey of the development since I first saw the Dandara signs go up and enquired as soon as I could. With Help to Buy available I was able to afford my dream home in the area I have grown up in. I put a deposit of £20,000 down and the process was stress free.”

Launched in 2013, Help to Buy is the government’s equity loan scheme, through which buyers pay a 5% deposit and the government lends 40% of the value of their new home in London. The Help to Buy scheme is now exclusive to first time buyers and available throughout England, the scheme will run until 31st March 2023. It has been planned with regional price caps in place which limit the price on Help to Buy homes, which in London is £600,000.

Simon Pendlebury, Sales and Marketing Director for Dandara says: “We’re so pleased that Tom was able to buy his dream home at New River View thanks to Help to Buy. The popular equity loan scheme has enabled many first time buyers to move sooner rather than later, with 75% of our buyers at New River View using it.

“New River View ticks many boxes for anyone looking for a new home in a sought-after North London location. Winchmore Hill offers a thriving community, lots of tranquil green space, whilst remaining connected to London. It is clear why it attracted Tom who was looking to enjoy having his own space and be part of a lively community.”

In the heart of the desirable suburb of Enfield, Dandara’s homes at New River View offer a range of high quality one, two and three-bedroom apartments. The apartments are close by to vibrant streets, chic boutiques, shops, highly regarded pubs, and renowned independent cafés and eateries such as Hopper & Bean and Chi Chi’s Brunch & Nights. 

The area surrounding the New River View apartments is also home to some of Enfield’s best sporting facilities and teams. Two successful cricket clubs, Enfield and Winchmore Hill, have their home grounds in close proximity to Winchmore Hill, while Enfield Town F.C., the local football club, play fifteen minutes’ drive away from the development.  

Tom continues: “The area was a big factor for me as I wanted somewhere that was close by to all my friends and family, had greenery and parks, fantastic transport links but also a thriving community to socialise in. I also love sports and play for the local football team ‘Old Grammarians’ so wanted to make sure I stayed close by.”

Ideal for commuters, there are eight overground and two underground stations within easy reach allowing journeys to central London in less than an hour. Excellent road links are also available, with access to the A10 and North Circular Road.

Tom adds: “I work at Oxford Circus so it was important that I bought in an area that was well connected. The commute is extremely easy from Winchmore Hill to Finsbury Park where you can then pick up the Victoria line. It only takes around 40 minutes.”

The homes at New River View combine modern architecture with the highest standards of interior specification and finish. The apartments are energy efficient fitted with double glazed windows. The kitchens all come with a washing machine, integrated recycling bin, fridge-freezer, dishwasher and a Bianco Nonte composite stone worktop. All apartments also have a balcony or terrace.