New government plans could give you a 30 per cent discount for buying a home near your parents

Time to start house hunting locally?
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  • Buying near your parents home comes with plenty of perks, free childcare, Sunday roasts and somewhere to take shelter when the boilers on the blink. But now local first-time buyers have the added bonus of getting 30 per cent off a new home.

    Related: First-time buyers using Help to Buy could be forking out more for a new home

    The new government plans for local first-time buyers were outlined in the Queens Speech. Housing secretary Robert Jenrick MP says: ‘We will also help first-time buyers get a foot on the property market with 30% discounts for local people and key workers.’

    This is great news for local first-time buyers. Recent research by regulated property buyer Good Move, found that two in five Brits were pessimistic about their odds of ever owning a house in their hometown.

    local home buyer

    Image credit: Lizzie Orme

    Nearly half of Brit’s between the ages of 18 and 24 years old believed the houses in their local area were to expensive for them ever to get on the property ladder.

    People from in Cardiff were found to be the most pessimistic about there chances of buying a home in their home city. 51 per cent believed the house are too expensive. This was followed by Norwich and Belfast, with almost half of people believing they’d never get on the property ladder in their local area.

    local home buyers

    Image credit: Lizzie Orme

    But while living near your parents may be a dream for some, it can be a nightmare for others. Research found that on average Brit’s would like to live 21 miles away from their parents.

    However, those over 25 prefer a little more distance from the parents than the younger generation. Listing 24 miles as the ideal distance.

    local home buyers

    Image credit: Colin Poole

    ‘While a little bit of distance from family can be healthy, the majority of people would probably want to live in the same area and unfortunately house prices often prevent this from happening,’ says Ross Counsell, Director at Good Move.

    ‘A lot of Brits will feel attached to the place where they grew up so it’s a real shame that many are getting priced out of living there,’ he adds. ‘Hopefully new initiatives, like the one the government proposed recently, will help address the issue.’

    Related: Dreaming of owning a house in 2020? Try these expert tips to help you save more money in the New Year

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