By 19 years old, Jasper Bromfield, an Apprentice Management Consultant, was ready to spread his wings and get out of his parents’ hair – but wasn’t too keen on spending his newfound salary on expensive Bristol rents. When his parents offered to help him with a down payment on an apartment at City & Country’s Factory No.1 development in Bedminster, he jumped at the opportunity.
Jasper purchased a £340,000 two-bedroom conversion apartment in Factory No.1’s Regent House, converted from a historic tobacco factory, using a £33,000 deposit from his parents. Originally from Reading, Jasper said peace of mind was one of the major factors driving his parent’s decision to help him to become a homeowner.
“My parents wanted to ensure I was living in a secure building, as this is my first proper move away from home.” Jasper explains. “As well as this, the cost of rent weighed up against the price of owning was crazy – it was looking like it was cheaper to buy in the long run.”
Prior to living at Factory No.1, Jasper took a year out after school to travel and work a ski season, before having a busy summer 2024. Within two months, he had managed to secure a job and an apartment – accepting his apprenticeship in July, his apartment offer in August and moving in and starting work in September.
While Jasper took a year out after school to travel and work a ski season, this is his first time living alone in a new city in the UK, so wanted to be located in a central location, but in a home that was modern and didn’t require a lot of work.
“When I got my new job in Bristol, we instantly started looking at somewhere I could live. It was a very busy two months.” Jasper explains. “Rent is so expensive in this city; I wasn’t keen on putting £30-40,000 down the drain in the first few of years of renting here. After such a hectic summer, I was also so eager to have a place that I could call my own and wouldn’t have to worry about being at the mercy of a landlord.”
The Office of National Statistics reports that the average rent in Bristol in September 2024 rose to £1,753[1], an increase of 4.6% in just a year. Jasper’s mortgage costs him £1,693 a month, which is £60 less than the monthly average rent each month. His 25-year mortgage rate currently sits at 5.49%, with the rate fixed for two years. To help with costs, Jasper’s parents are also on the mortgage.
Jasper is amongst a generation of first-time buyers that have sought the assistance from the Bank of Mum and Dad. Latest reports say that from 2018 to 2020 the value of financial gifts reached a record £29bn[2], with much of this going towards the purchase of a first home. While buying now is an investment into his future and a smart financial move for those who can afford it, Jasper is still conscious of his monthly outgoings. “I recognise how privileged I am,” Jasper says. “I’m really grateful to my parents for being able to help me out. It makes such a huge difference, especially with me being so early on in my career. However, renting or buying in a big city is still such a massive financial strain.” Jasper is eager to advertise his spare bedroom as a rental, to help cover the cost of his mortgage and bills.
He continues: “I’m very content living alone, and it makes my days working from home a bit easier, knowing that I have the space to myself. But I’m aware of how expensive everything is, and I would like to be able to ease that by having someone come live with me and spreading the cost.”
A hybrid worker, Jasper’s office is located conveniently next to Temple Meads Station, just a twenty-minute walk from Factory No.1. Right on his doorstep is Bedminster, home to a variety of independent shops, bars and cafes, which Jasper has been enjoying getting to explore.
The quality of the homes offered by City & Country was another key factor in his purchase. Jasper says: “I was initially keen to live in a new build, but the standard of the conversion homes at Factory No.1 is so high that it feels brand new, whilst also having that historic element to it.
“Moving away and starting a new job is a lot to get your head around. I didn’t have time to worry about getting my home up to scratch. I wanted to be able to hit the ground running and really focus on my job, which I can do here at Factory No.1, thanks to the high-quality finish and modern specification.”
Shelley West, Group Sales and Marketing Director at City & Country, said: “Bristol is a city for young people – there is so much happening here, especially in Bedminster. With street art on the doorstep of Factory No.1 and trendy cafes and bars up North Street, Bedminster is an obvious choice for a young person looking to move to the city, as it is such a vibrant, exciting neighbourhood.
“We have noticed an influx of younger people who are keen to live in the city, but like Jasper, cannot justify renting, so have enlisted the help of the Bank of Mum and Dad. Choosing to buy is increasingly becoming the first port of call for young people flying the nest, especially in a city like Bristol which is experiencing an exponential increase in rental costs. The benefit of getting on the property ladder at such a young age, means you both have the security of a home for as long as you need, and you’ve already made a significant financial investment for your future.”
Factory No.1 has just launched the latest phase of its homes in Bedminster – Wills House, a block of luxury new-build homes. Located on the site of the former tobacco factory, each home benefits from a private terrace or balcony and residents will have access to the development’s landscaped gardens, on-site concierge service and nearby Bristol’s amenities.
The Factory No.1 sales suite and show homes are open daily from 10am to 5pm, with a range of incentives available on selected one and two-bedroom apartments. Prices start at £250,000 for a one-bedroom apartment. For more information, call 0117 4535 155 or visit www.cityandcountry.co.uk.