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 .
