The recent house price boom has ensured that property prices are further out of first time buyer reach, so parents are stepping in to fill the gap.
The average first time buyer presently pays £162,055 for a property, yet receives about £21,314 in financial support from parents to help them get on the property ladder, so a recent Alliance and Leicester report states.
Increasing house prices mean first time buyers need to find bigger deposits to secure their property, with many needing to fork out for stamp duty too.
Extra funding from parents can mean the difference between renting or being able to get that first foot up on to the first rung of the property ladder.
Increasing student debt as well an increase in living costs has meant more children have turned to their parents for assistance, with 20% having dipped into their savings to help their children out.
Moreover, 22% of parents are intending to help their children in the future.
Only 18% of children would ask their parents to help them out, with 9% being willing to ask grandparents if parents were unable to help.
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Parents Help Children Purchase Home
Thu, 30 Aug 2007
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