Award winning housebuilder, Weston Homes, is leading the way in its commitment to empowering first-time buyers by providing superior two-bedroom apartments at The Laundry Works, 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.
The Laundry Works is an £85M (GDV) development located on the site of the old Watford Laundry Factory. The eight architecturally distinctive apartment buildings that make up The Laundry Works, are set within a wide tree-lined boulevard with communal landscaped gardens, pedestrian pathways and new green planting. The 2.5-acre site features eight distinctive brick façade buildings ranging in height from three to 13 storeys, with nearly all apartments featuring a private terrace or balcony.
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.
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.”
All the modern apartments at The Laundry Works feature Weston Homes’ fully comprehensive premium specification as standard with well-conceived interior features. Stylish and flexible open-plan living spaces have floor to ceiling windows flooding the apartments with natural light.
The contemporary kitchens by Oakwood Kitchens have quartz stone worktops and upstands, a wide range of integrated appliances and stainless-steel sink with integrated removable chopping board, tap with hose-spray extension and separate instant boiling and cold water filtered tap. The bathrooms have white suites, walk-in Fascino Smart showers or bathtubs, heated towel rails, integrated vanity storage, an illuminated mirror with de-mist feature, porcelain floor and wall tile colours and finishes.
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 The Laundry Works start from £282,000 for a one-bedroom aparmtnet, from £319,995 for a two-bedroom apartment and from £440,000 for a three-bedroom apartment. For further information contact Weston Homes on Tel: 01923 381 526 or click here.
