Parents waiting to enjoy the experience of the ‘empty nest’ are banking on Bristol’s booming part-buy part-rent property market as the best chance to help their children get on the housing ladder, the city’s leading shared ownership provider has revealed today.

More than 1200 households are waiting for part-buy part-rent homes in Bristol and South Gloucestershire, analysis by Horfield-based Sovereign Housing Group found, but with the average age of a first time buyer now 32 years old, enquiries from parents – especially for 48 new apartments at Harbourside – have gone through the roof.

Sovereign assistant director of Home Ownership Tony Quigley said: “Our traditional customer base has been dominated by young couples and families who can’t afford to buy outright, but with the 60% price rise in Bristol over the last five years, we’re now getting inundated with queries from parents.

“Many want to retire and move away, but understandably don’t want to leave their children high and dry. But with a one bedroom city centre flat now typically costing £150,000, recent hikes in interest rates, and the private rented option being seen as ‘dead money’ part-buy part-rent is for many their only hope.”

A related survey of recent part-buy part-rent sales at the Harbourside complex – where Sovereign has sold the first of two phases totalling 72 apartments, reserving three apartments a week – found parents to be a major driving force in their children’s decision to take a 40% mortgage, and rent the rest from Sovereign.

Tony added: “It’s conceivable that shared ownership will be the standard product for many first time buyers in the not too distant future, especially as it usually works out cheaper than renting an equivalent property privately and much cheaper than purchasing outright on the open market.”

As a result of the extraordinary demand, Sovereign has organised an open day event at College Green on December 1, where details of more than 200 shared ownership properties will be on display, along with a chance to view the latest completed phase of affordable homes at Harbourside, and to speak to legal and financial experts about how to get started.

Aside from Harbourside, in the next year Sovereign will be delivering more than 200 part-buy part-rent properties in places like Kingswood, Bedminster, Filton and Barton Hill, plus more city centre apartments at Temple Quay.

Published 28 November 2007
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