It's a hell of a coincedence that both engines should fail at the same time (at any time for that matter). They're just lucky that they were on finals or a much bigger incident could have happened, i.e the plane landing smack bang in the middle of the surrounding housing estates. IMO the pilot has intended to land on the grass in the hope that it could "soften" the impact.
to the "hero" pilot (ironically name John Coward)