First-time buyers increasingly rely on parents and grandparents to buy a home – What Mortgage

The situation for first time buyers in the UK is now so bad that more and more are relying on parents and grandparents for financial help in buying a property. Around 35% of estate agents have seen a rise in parental help, with parents being ever so slightly more likely than grandparents to be the ones to offer the assistance to their young relatives.

Key Takeaways:

  • First time buyers are increasingly relying on parents and grandparents to help them purchase a house.
  • Nearly half (47%) of estate agents have seen a rise in first-time buyers relying on financial support from their parents and their grandparents in the past year.
  • Parents are slightly more likely than grandparents to be the sole financial backer for first-time buyers.

“Very few first-time buyers are able to raise the money for a deposit without financial support which is putting financial pressure on parents and grandparents.”

http://www.whatmortgage.co.uk/news/first-time-buyers/first-time-buyers-increasingly-rely-parents-grandparents-buy-home/

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