Many first-time buyers need a “significant leg-up from parents”
Many first-time buyers take it for granted that their parents will help them get on to the property ladder, a study revealed today.Some 23% of those looking to buy their first home expect their parents to give or lend them the money for a deposit, according to mortgage lender Abbey. And 12% anticipate their parents will act as guarantor on their mortgage, with 13% looking for help with buying furniture or white goods.
Rising prices remain a concern, with a quarter saying they would abandon their plans to buy if property values continued to shoot up. The research also revealed that 40% of first-time buyers will live with their parents to save money for their new home. One in 10 will stay at home for between one and two years, with a further 9% taking root for more than two years. In return, a quarter of these buying their first home say they will help their parents out round the house in years to come, and 18% claim they will pay back the money loaned to them.
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