First-time buyers going it alone
February 28, 2007 by admin
Filed under News, News-Mortgages
First-time buyers are becoming less dependent on their parents when it comes to getting onto the property ladder.
That is according to new research from Abbey, which shows that the number of us expecting help from our parents to put down a deposit has fallen.
Just 9.7 per cent of first-time buyers expect any financial help at all from their parents when it comes to purchasing a property, compared to 23 per cent six months ago.
Despite the move away from parents when it comes to securing your first mortgage, many people (45 per cent – unchanged in six months) still expect help from their parents when it comes to moving into their new home.
“The decline in the number of potential homeowners relying on their parents is a positive indication that first-time buyers are finding alternative ways of funding their homes,” said Nici Audhlam-Gardiner, head of mortgages at Abbey.
“However, despite the decline parents still have a large role to play. With one in ten people still requiring parental help to buy and over half still needing help on moving day, it’s not just the children that feel the financial burden of buying a home.”
The survey also found that the ideal home for those taking their first steps onto the property ladder is a country cottage, followed by a townhouse and a penthouse.
