House prices are increasing faster than income, with greater numbers of first time buyers reliant upon assistance from homeowning parents to enable them to get on to the property ladder .
Abbey figures show 23% of first time buyers expect parents to give or loan them money for the deposit, with 12% thinking that parents will act as a guarantor for their mortgage . A further 13% expect parents to buy their furniture and electrical appliances like fridges and washing machines .
A lot of first time buyers need a great deal of assistance from parents to get on to the property ladder .
It is quite common for parents to have children back after university so that they can save their deposit, as well as help them out with loans and cash gifts .
Even when children have properties, they are expected to help out on the moving day, with DIY and decorating .
40% of first-time buyers live in their parental home so that they can save money , with one in five doing this for more than a year.
A quarter of first-time buyers expect to carry out odd jobs for their parents, with one in five expecting to pay back family loans .
|
||||||||
|
Buying property
Selling property Estate agent fees Free property guides Conveyancing services Mortgage services See all Property Guides
 My estateagents
|
Many First Time Buyers Reliant on Parents Tue, 29 Aug 2006
     |
|
||||||
Site Map |
About estateagents.co.uk |
Contact |
Terms & Conditions |
Links |
Press |
Estate Agents Login | 
© 1999-2009 estateagents.co.uk
© 1999-2009 estateagents.co.uk