Parent power

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Figures revealed by property development, Merchant Gate Apartments show that, in more than 57 percent of cases, it is parents encouraging their children to buy a property rather than the other way around.

Pauline Sangster, residential sales and marketing manger for ECf, the developer behind Merchant Gate Apartments said: “Our recent and highly successful mortgage workshop saw a steady stream of parents and children visiting the development and when polled on their motivations for attending, we found that the idea of purchasing a property is lead by the parents, rather than the child.

“It seems that parents are all-too happy to assist their offspring to get on the property ladder and are positively encouraging this, especially when deposits at Merchant Gate can be as low as five per cent.

Merchant Gate Apartments’ Own Your Own scheme allows buyers to buy a property at the development for 75 per cent of the full price by securing the remaining 25 per cent with a second charge, which is rent and interest free for up to 10 years.

The development comprises 66 contemporary one and two-bedroom apartments, situated at the heart of Wakefield’s civic quarter. Many of the properties benefit from balconies and all residents have use of a communal green space.

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