First-time buyers turn to parents
Published On 20 October 2006
A large proportion of first time buyers are turning to their parents to help them with their deposit, a new survey has discovered.Figures from Skipton Building Society show that two thirds of young Brits are not able pay the full deposit themselves, while one in six has no savings at all to fall back on.
With rising house prices, this has meant that a quarter of all first time buyers are hoping their parents will help make up the difference.
"Faced with industry figures - which put the average cost of a house in the UK at nearly £200,000 - climbing onto the property ladder must seem as daunting as climbing Everest," remarked Jennifer Holloway from Skipton Building Society.
"Add to that the rising costs of living and renting in the meantime and it is little wonder first-time buyers are looking to their parents for financial help."
Around half of those who do not have enough for a deposit admitted that the reason for the shortfall was because they spend too much.
A third-quarter report by Halifax found that house prices in Northern Ireland had increased by 30 per cent on the same period last year.
