Your nest may not become empty quite as soon as you thought. Thoughts of turning those no longer needed bedrooms into hobby rooms might just have to put on hold!
We all know that things are tough for first time buyers. One in five wannabe homeowners are marooned at home with mum and dad – because they can’t afford to get a foot on the property ladder, it emerged yesterday. And wait for it, one in ten feared they could be in their late 40s or early 50s before they were able to move out, according to a study of 1,000 potential first time buyers.
It also emerged most feel their relationships with their parents are suffering because they are still living at home.
Bank of Mum and Dad has hit hard times
It would appear that while the results show ‘hotel mum’ may still be open for business, the ‘bank of mum and dad’ has hit upon hard times. Sixty-five per cent of parents said they simply didn’t have the spare funds to help their children with a deposit for a house, with nearly a quarter admitting that they were struggling enough to keep themselves afloat.
Property guru Phil Spencer, who today launches a series of video guides to help first time buyers, said the research highlights the challenges faced by those trying to get on the property ladder, but insists that there is light at the end of the tunnel. He said: “Living with parents on a temporary basis can be a great way to relieve some financial pressure while saving for a deposit, but if you take your eye off the end goal, you could find yourself stuck there. “Make sure you have a proper savings plan in place, consider buying with friends or family and find out about the range of schemes from the government and house builders, which means you may only need to save a five per cent deposit ”
Making sacrifices to buy first home
Interestingly, the survey did show that we are still a nation that aspires to home ownership. However, it seems some first time buyers are not helping themselves when it comes to getting on the property ladder as making personal sacrifices does not seem to be high on the list. Thirty five per cent said they were not prepared to give up holidays while they saved for a deposit and more than a quarter said they would not give up buying new clothes or eating out. Only one in five said they would consider buying with friends, taking in a lodger or moving to a cheaper location.
* Phil Spencer’s Buying Your First Home guides, in conjunction with Taylor Wimpey, are a series of videos covering everything from knowing the right time to buy to financing your move.