First time buyers are still dependent upon parents for their deposit
Increasing house prices mean 25% of first time buyers are looking for parents to pay some of their deposit.
Skipton Building Society figures illustrate that two thirds of young Britons are not able to save a full deposit themselves, with one in six having no savings at all.
The average UK house cost is almost £200,000. So, climbing onto the property ladder appears pretty daunting.
With increasing costs of living and rent, no wonder first time buyers ask their parents for financial help.
Should young Brits not have enough for fund a deposit themselves, most only have themselves to blame.
50% of those questioned stated that they do not have enough savings as they spend too much.
Increasing university costs also impact, with 16% of would be first time buyers stating that they are paying off student debts still.
Rent also holds first time buyers back, £7,682 on average since the average first time buyer started looking for a home.
Very simple advice is to start saving as early as possible, instead of all those nights out and all those extra pairs of shoes.
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First Time Buyers Still Looking At Parents for Help In Buying a House
Fri, 20 Oct 2006
Recommended links
First Time Buyers Club TogetherFirst Time Buyers Borrowing Extensively
First Time Buyers Spend Spend Spend
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First Time Buyers Fall £5,000 Short
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