Parents Assist 42 per cent of First Time Buyers

Thu, 27 Apr 2006

42% of first time buyers get financial assistance from their parents when they buy a home, new research suggests.

Bradford &Bingley reports that the number of parents giving or lending money to their children for the deposit on a first home has doubled in the last 12 months. 1 out of every 10 first-time buyers jointly buy with their parents.

Bradford &Bingley's First Time Buyer Report shows that with parental support, new homeowners still rough it.

High house prices entail 10% of first-time buyers having to get a second job to afford their new home, working an extra 12 hours per week.

A further 23% of first-time buyers work overtime in their existing job to afford a home .

Furthermore, 55% of first-time buyers spend less when to clubs, bars and restaurants, with 26% cutting back on mobile phone bills, television subscriptions as well as gym membership.

The struggle to buy a first home at present house prices means 43% of first-time buyers have given up buying a home at all.

Despite financial assistance, a fifth of first-time buyers still take four years or more to get on the property ladder and 58% have to compromise on their first home .

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