Taylor Wimpey
27th January, 2012
First time home buyers are turning to their grandparents for help with a deposit, it emerged yesterday (Thurs).
As the bank of mum and dad has hit upon hard times, one in ten house hunters has turned to nan and granddad for financial help to get their foot on the property ladder.
Research for Taylor Wimpey also found millions of young adults are forced to live at home with parents for a decade longer than they intended to.
Most first timers feel their relationship with their parents is suffering because they are still living at the family home, according to the poll of 1,000 young adults.
But the findings show that although 'hotel mum' may still be open for business, the 'bank of mum and dad' has hit upon hard times.
In fact two thirds of parents said they simply didn't have the spare funds to help their children with a deposit for a house.
And a quarter admitted that they were struggling enough keeping themselves afloat.
Property guru Phil Spencer, who has launched 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.
''Interestingly, the survey did show that we are still a nation that aspires to home ownership.''
The survey also found only seven per cent of respondents enjoyed living at home with their parents.
And one in ten feared they could be in their late 40s or early 50s before they were able to move out.
But it seems some first time buyers are not helping themselves when it comes to getting on the property ladder.
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.
Eighty-four per cent 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.
As the bank of mum and dad has hit upon hard times, one in ten house hunters has turned to nan and granddad for financial help to get their foot on the property ladder.
Research for Taylor Wimpey also found millions of young adults are forced to live at home with parents for a decade longer than they intended to.
Most first timers feel their relationship with their parents is suffering because they are still living at the family home, according to the poll of 1,000 young adults.
But the findings show that although 'hotel mum' may still be open for business, the 'bank of mum and dad' has hit upon hard times.
In fact two thirds of parents said they simply didn't have the spare funds to help their children with a deposit for a house.
And a quarter admitted that they were struggling enough keeping themselves afloat.
Property guru Phil Spencer, who has launched 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.
''Interestingly, the survey did show that we are still a nation that aspires to home ownership.''
The survey also found only seven per cent of respondents enjoyed living at home with their parents.
And one in ten feared they could be in their late 40s or early 50s before they were able to move out.
But it seems some first time buyers are not helping themselves when it comes to getting on the property ladder.
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.
Eighty-four per cent 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.
ENDS
