Award winning housebuilder, Weston Homes, is leading the way in its commitment to empower first-time buyers by providing superior two-bedroom apartments at Edinburgh Way, perfect for the growing trend of shared purchases. Recent statistics from Halifax reveal that 63% of first-time buyer mortgages secured between January and December 2023 in the UK involved two or more purchasers. This trend underscores a significant shift towards joint home ownership.
Edinburgh Way comprises of 361 new apartments across five new residential buildings on the doorstep of rolling countryside providing one- two-bedroom and three-bedroom homes.
Weston Homes reports that in 2023, 55% of its buyers were first-time buyers with many choosing to purchase with a friend or family member. The company continues to lead the charge in facilitating homeownership for this crucial demographic.
The choice of first-time buyers to partner up with a friend or family member in order to own a home comes as no surprise as a recent report from the Home Owners Alliance states that 73% of today’s aspiring homeowners say their parents owned their home, but only 48% expect to own themselves (a drop of 25%). The majority (71%) of Brits who do not own their home yet aspire to do so in the future, but 52% of these 7.5 million aspiring homeowners do not think they will ever be able to. Top reasons for not believing they can own their own home include: high house prices (60%), saving for a deposit (44%), the inability to afford monthly mortgage repayments (33%) and the inability to get approved for a mortgage (31%) all of which can be alleviated by purchasing with a friend or family member.
Weston Homes is committed to helping people achieve their dream of owning a home and doing so with confidence and ease by providing excellent two-bedroom affordable apartment options. Weston Homes’ two-bedroom apartments offer a unique combination of luxury, comfort and affordability, making them an ideal choice for sharers looking to enter the property market together. The signature Weston Homes apartment layout, available at the majority of their developments, provides two equally sized bedrooms, each with an en suite bath or shower room – providing equal levels of luxury to both occupiers.
Lawyer Katy, 28, who is a development manager for a legal company, and her younger brother Andreas, who works in data analytics, decided to buy a Weston Homes apartment together. Katy said, “We have a lot of friends who cannot afford to buy but can manage to rent, but you are always at the mercy of your landlord. Putting our money together meant we could afford a bigger property to share.” Katy continued, “We did the figures before we bought. Our mortgage broker gave us a tool that enabled us to put down all our earnings, how we spend and be real, so we know where we stand. We split everything down the middle.”
Edinburgh Way is ideally positioned for City commuters, ‘working-from-homers’ and those employed in the enterprise zone of Harlow, which is home to giant multi-national conglomerates such as GlaxoSmithKline (GSK) and US tech firm Pitney Bowes. The development is just a two-minute walk to Harlow train station with a regular commuter service that reaches London Liverpool Street in under 30 minutes.
Each of the apartments at Edinburgh Way have been finished to Weston Homes’ signature premium specification. Oak effect strip flooring is included to entrance halls, living, kitchen and dining areas, cloakrooms and luxurious carpets to bedrooms. Designer kitchens include stainless steel electric ovens, ceramic hob and integrated fridge/ freezer, washer/dryer and dishwasher. Quartz stone worktops and up stands, an instant boiling and cold filtered water tap and a wide range of designer Oakwood Kitchen units.
Luxurious en-suite bathrooms include Fascino digitally controlled Smart taps, showers, baths and mirrors with LED lighting as well as heated chrome towel rails, integrated vanity storage and RAK Ceramics porcelain wall and floor tiles.
With energy-efficient features and eco-friendly design at their core, Weston Homes’ properties not only have a reduced environmental impact but also lower utility bills, providing long-term savings for homeowners. Buyers can save an average of over £1,600 per annum on energy bills according to the Home Builders Federation, Watt A Save Report, July 2023.
Weston Homes’ dedication to first-time buyers goes beyond just providing housing solutions. The company offers a range of financial assistance programmes and buying advice to help ease the transition into homeownership and ensures that first-time buyers have access to the widest available selection of financing options, to find a solution where it is possible. For example, Weston Homes has a new partnership with leading mortgage scheme ‘Own New Rate Reducer’ which works with home builders and lenders to enable buyers to own 100% of their new homes with lower mortgage interest rates and smaller deposits.
Suzanne Aplin, Group Sales and Marketing Director at Weston Homes says: “We recognise the importance of supporting first-time buyers on their journey to homeownership. The increase in people purchasing with a friend or family member is something our developments are perfectly suited for with many providing superior two-bedroom apartments. Our properties are meticulously designed to meet the needs and aspirations of first-time buyers, offering a combination of affordability, quality and value that is unmatched in the market.
Our collaboration with Own New is just one example of our commitment to supporting first-time buyers looking to purchase their first home. By offering financial assistance and expert guidance, we empower first-time buyers to make informed decisions and secure their dream home with confidence.”
Homes at Edinburgh Way start from £217,995 for a one-bedroom apartment and from £315,000 for a two-bedroom apartment. For further information on Edinburgh Way contact Weston Homes on Tel: 01279 704252 or click here.
