First time buyers Marooned at home

27-Jan-2012

One in five potential first time buyers are marooned at home with their parents because they are struggling to get on the property ladder, according to a recent article by Digital Hub's property specialist Phil Spencer.

A recent survey conducted by Taylor Wimpey found that many first time buyers will be ten years behind schedule when they finally mange to make their first acquisition.

Many of home-marooned buyers, 93 per cent in fact, said that they don’t enjoy living with their folks, and most feel their relationships are suffering because of it. The option of receiving assistance from parents for the first time buy has also dwindled, with 65 per cent of parents saying they simply don’t have the savings to help with the purchase.

Spencer believes that there is light at the end of the tunnel, however, commenting that: "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."

Recent figures provided by Halifax showed that first time buyer numbers had sunk to the lowest level since records began, with seven per cent less buyers in 2011 than the previous year and half less than 2006. However, the Taylor Wimpey survey shows there is still a distinct appetite for first time properties.

Shared equity mortgages allow first time buyers to buy their first home with a small deposit

Published by Helen Adams

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