'Bank of Mum and Dad' is alive and well

As mortgage lenders continue to demand large deposits that first time buyers are struggling to afford, and as a result of paltry interest rates on cash deposits, the 'bank of mum and dad' continues to be popular in the current climate, as parents step in to help their grown up children onto the property ladder.

One such first time buyer, who sought help from her father to move to Portsmouth after gaining a place at the University, is Sophie Anderson. Sophie's father, Paul, bought a two bedroom apartment at Admiralty Quarter (AQ) in Portsmouth Harbour, Crest Nicholson's Regeneration development in the city, before Sophie starts her degree at Portsmouth University this year. Paul was keen to use the opportunity not only to buy an investment property, rather than spending money on rent for three years, but also to help his daughter onto the property ladder.

Paul comments: “We looked at rental accommodation in Portsmouth, but I just wasn't prepared to spend a large amount of money over three years when I could invest the money into property instead. Portsmouth is a fantastic area to invest in and, having done my research, I'm confident that good returns on investment are achievable. We have rented the second bedroom out to Sophie's friend, Holly, who is starting her degree at Portsmouth University at the same time. This covers the mortgage repayments nicely and means that the girls will live in a better standard of accommodation than many students, so the arrangement has worked well for everyone involved.”

The development consists of 17 individual apartment blocks ranging from four to eight storeys. At its heart is a private courtyard garden of nearly an acre which conceals underground parking for residents. The 22 storey Admiralty Tower provides stunning views of the harbour and gives Portsmouth a spectacular new landmark.

Helen Boniface, Sales & Marketing Manager, Crest Regeneration Ltd., comments: “AQ continues to be an attractive place to live for many University students who can get a bit of financial help from shrewd parents who want to invest their money in property.

“Often branded the 'University effect', it is becoming increasingly popular in the current climate for parents to assist in this way. Thanks to the generosity of her parents Sophie can enjoy her university years in one of AQ's Tower apartments which feature fantastic 360 degree panoramic views of the coastline stretching as far as the Isle of Wight. ”

Paul continues: “Nothing else in Portsmouth measured up against Crest Nicholson's development, Admiralty Quarter. It is set in a fantastic location, next to Gunwharf Quays and I feel much happier now that we have found such fantastic accommodation for Sophie. University accommodation continues to be a sound investment and I believe this is the case at AQ.”

AQ is also well connected, with train services out of Portsmouth Harbour station, just a few minutes walk away, providing high-speed links into London Waterloo in an hour and a half, and mainland Europe just a ferry-ride away.