Date: Monday 16 January 2012
One in five Brits are living with their parents more than a decade longer than they intended to as they struggle to get onto the property ladder, according to research out today. And, just like Ronnie Corbett’s character Timothy Lumsden in the 1980’s hit sitcom ‘Sorry’, lodging with Mum and Dad is having a negative impact on their lives.
Eight out of 10 young people said they had less freedom living at home and 70% admitted it had an adverse affect on their love life. More than two thirds also felt that their relationship with their parents would be better if they moved out. Only 7% 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, carried out by housebuilder Taylor Wimpey, 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. 65% 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. One in 10 also felt that their children should be financially independent.
However, it seems that some first time buyers are not helping themselves when it comes to getting on the property ladder. 35% 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.
Property guru Phil Spencer, who today launches a series of video guides to help first time buyers, 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 comments: “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 housebuilders, which means you may only need to save a 5% deposit.”
He continues: “Interestingly, the survey did show that we are still a nation that aspires to home ownership. 84% of people aged between 18 and 25 said they believed property was still a good long term investment and, in terms of their priorities in life, one in three put owning their own home above getting married, having children and a successful career.”
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. For further information and to watch the videos, visit http://www.taylorwimpey.co.uk/philspencer.