Many First Time Buyers Need Help

Fri, 17 Feb 2006

Over half of UK first-time buyers need financial help from parents for their deposits.

A lot of this help comes from housing, as parents draw money from their own homes to assist children onto the property ladder, so says research from the Council of Mortgage Lenders.

For many home-owners assisting children with a mortgage deposit can be an efficient use of funds, given low returns on alternative investments.

It may also signify families pulling together to help each other.

Older generations raise funds from other equity and other sources, whilst an option for many younger first-time buyers is families willing to help them.

However, if this trend declines of course there will be many would be first time buyers with much greater constaints on them.

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