UK Property Market

Parental Financial Help Needed by Three in Four Young First-time Buyers

According to a recent survey by the Council of Mortgage Lenders, more than three thirds of young first-time buyers need their parents’ assistance when taking their first step on the property ladder. Research also points out that a quarter of young new buyers were able to buy their first home thanks to the financial help they received from their parents.

This percentage was higher in London, where one in three homeowners acknowledged parental assistance when buying. Things were a little bit different in Scotland, where only 16 percent of young homebuyers needed financial aid from their parents.

Despite the difficulty of buying a home, the survey shows that only as little as eight percent of young persons feel their parents should make extra efforts to help them out. The explanation lies in the fact that parents have already supported their children significantly, and it is unlikely that they can do much more.

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