First time buyers skip rung on the ladder and go straight for a 4-bedroom home in Faversham
The latest data from Rightmove shows that sales for four-bedroom detached homes are up by 26%, as buyers demand more space. First time buyers Dan Pannell (31) and his wife Emily (30) decided to skip a rung on the property ladder in their search for more space and recently purchased a four-bedroom detached home at Barratt Homes’ Perry Court development in Faversham, Kent.
The Pannell family were renting a three-bedroom terraced home in Canterbury, Kent, after settling in the area due to Dan’s recent job relocation. Their plan was always to get onto the property ladder and purchase a similarly-sized home to their rental. However, a combination of the stamp duty exemption and Help to Buy meant that Dan and Emily could buy their first home sooner – and go straight for a larger four-bedroom home.
Dan, a Property Director for a national supermarket, comments: “We originally looked at three-bedroom homes but realised we could afford to go one step further due to the stamp duty savings we could make. Our house is an Alnmouth and has four bedrooms upstairs, as well as a separate study downstairs, so it’s perfect for days that either Emily or I are working from home.
“The Alnmouth is a monster – there’s so much space for us! It’s also future-proofed so if we do have any more children then we don’t need to worry about upsizing. The stamp duty holiday and Help to Buy were the biggest factors in enabling us to move so soon, and we were able to benefit from both incentives in the nick of time.”
First time buyers like Dan and Emily will be able to benefit from the new Help to Buy scheme, which launched earlier this spring. Available in the South East on properties up to the value of £437,000, first time buyers need just a five per cent deposit.
Natalie Perry, Sales and Marketing Director for Barratt Kent, comments: “The new Help to Buy scheme will undoubtedly help first time buyers’ budgets stretch a little further, enabling them to skip a rung on the property ladder and buy a larger first home. Across Kent, we have seen high levels of interest from first time buyers searching for three and four-bedroom homes, particularly those available through Help to Buy, as they want for more space to accommodate flexible living.”
In addition to the space available at Perry Court, Dan and Emily were drawn to the charm of Faversham, a traditional market town and home to the oldest market in Kent. “We have previously lived in market towns including Witney, and really liked that Faversham had a similar feel, with its regular markets and a real sense of community,” adds Dan.
Perry Court is set on the outskirts of the historic market town of Faversham. The development itself provides easy access to walking and cycle routes, and includes play areas, allotments and an on-site orchard. Meanwhile, the town centre offers a collection of vintage shops, and traditional cafes, restaurants and pubs. There are also regular markets in the high street that offer a range of products, from antiques to locally made arts and craft, alongside locally produced foods such as fruit and vegetables.
The development is just one mile from Faversham Rail Station, which offers direct trains to London St Pancras in 71 minutes during peak times and London Victoria in around 80 minutes, alongside connections to Canterbury. Perry Court is well served by road links too, with the nearby A2 and M2 providing direct routes either to the M25, or south to Canterbury and Dover.
There are currently a range of three- and four-bedroom houses for sale at Perry Court, with prices starting from £407,995. Many of the new homes have been designed with home working in mind, with designated studies either upstairs or downstairs, or flexible bedroom spaces. The current Help to Buy scheme is available on selected new homes for first time buyers only, whilst selected plots benefit from the current stamp duty holiday and are ready to move into now.