Builder Taylor Wimpey 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 new videos, presented by Phil, covers everything from knowing the right time to buy to financing your move and negotiating your way through the buying process.
The guides are being launched as new research from Taylor Wimpey reveals that one in six people in the East Midlands are living with their parents more than a decade longer than they intended to as they struggle to get on to the property ladder.
More than eight out of ten young people in the region said they had less freedom living at home and 68 per cent admitted it had an adverse affect on their love life. More than six out of ten also felt that their relationship with their parents would be better if they moved out.
Some 57 per cent of respondents said they enjoyed living at home with their parents, but about one in seven 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.
More than 40 per cent of parents in the East Midlands said they simply didn’t have the spare funds to help their children with a deposit for a house, with one in ten admitting they were struggling even to keep themselves afloat.
However, it seems that some first-time buyers in our region are not helping themselves when it comes to getting on the property ladder. More than 30 per cent said they were not prepared to give up holidays while they saved for a deposit and nearly 40per cent said they would not give up buying new clothes or eating out.
The survey did show that we are still a region that aspires to home ownership. Nearly three quarters of people living with their parents in the East Midlands said they believed property was still a good long term investment and, in terms of their priorities in life, more than one in three of those surveyed put owning their own home above getting married, having children and a successful career.
Phil Spencer said the research highlighted the challenges faced by those trying to get on to the property ladder, but insists that there is light at the end of the tunnel.
He says: “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 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.”
The first of Phil Spencer’s Buying Your First Home guides is now available to view by visiting www.taylorwimpey.co.uk/philspencer.