If you are looking for tips and advice on how to move home, then information from one of TV’s most recognisable faces in the property scene is very welcomed. Property guru and TV favourite Phil Spencer has jointed up with south coast developer Taylor Wimpey to produce the ultimate guide for those buying their first home.
The series of five videos, presented by Phil, covers everything from knowing the right time to buy to financing your move and negotiating your way through the housebuying process.
The guides are being launched as new research from Taylor Wimpey reveals that almost a quarter of the people in the south are living with their parents more than a decade longer than they intended to as they struggle to get on to the property ladder, and this in turn is having a negative impact on their lives.
Eight out of 10 young people in our region said they had less freedom living at home and 65 per cent admitted it had an adverse affect on their love life.
Almost three quarters also felt that their relationship with their parents would be better if they moved out.
Only three per cent of respondents said they enjoyed living at home with their parents, but one in 10 thought they could be in their late forties or early fifties before they were able to move out.
The survey of 1,000 would-be homeowners also found that although the Hotel of Mum and Dad may still be open for business, the Bank of Mum and Dad seems firmly shut.
In total, 79 per cent of parents in the south said they simply didn’t have the spare funds to help their children with a deposit for a house, with 20 per cent admitting that they were struggling enough to keep themselves afloat.
One in nine also felt that their children should be financially independent.
However, it seems that some first time buyers in our region are not helping themselves when it comes to getting on the property ladder.
In total, 29 per cent said they were not prepared to give up holidays while they saved for a deposit and 49 per cent said they would not give up buying new clothes or eating out.
Less than 20 per cent said they would consider buying with friends, taking in a lodger or moving to a cheaper location.
Phil Spencer says 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 commented: ‘Living with parents on a temporary basis can be a great way to relieve some financial pressure while saving for a deposit.
‘However, 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.
‘Buying your first home is one of the biggest moments in your life and it’s been great to work with Taylor Wimpey on these first time buyer video guides that offer straight-talking and practical advice on virtually every aspect of getting that all important foot on the property ladder.’
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