Taylor Wimpey Oxford has joined forces with property guru and TV favourite Phil Spencer 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 one in four people in Oxford are living with their parents more than a decade longer than they intended to as they struggle to get onto the property ladder. 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!
7 out of 10 young people in our region said they had less freedom living at home and 61% admitted it had an adverse affect on their love life. More than 74% also felt that their relationship with their parents would be better if they moved out. Only 3% of respondents said they enjoyed living at home with their parents, but 1 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. 79% of parents in Oxford said they simply didn't have the spare funds to help their children with a deposit for a house, with nearly 22% admitting that they were struggling enough to keep themselves afloat. One in ten 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. 29% said they were not prepared to give up holidays while they saved for a deposit and 27% 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.
The survey did show that we are still a region that aspires to home ownership. 81% of people in Oxfordshire said they believed property was still a good long term investment and, in terms of their priorities in life, 26% of those surveyed put owning their own home above getting married, having children and a successful career.
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 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.
"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."
See Also: Property News (6705), Taylor Wimpey (1853), Oxford (3)
Date Published: 16 January 2012
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