Parents 'helping out first-time buyers'
first-time buyers are in many cases being given a helping hand by their parents when it comes to taking their initial steps on the property ladder, one sector commentator has asserted.
Stuart Law, chief executive officer of Assetz, said many mums and dads have come to the conclusion they should help their kids out financially, rather than leaving their cash in a bank.
This may particularly be the case should mortgage deposits prove to be above what many young people can afford to put down.
"One interesting statistic is, in the tough times, two or three years ago, first-time buyers were putting down an average of a 20 per cent deposit. This is a shocking statistic, most people don't realise that," Mr Law stated.
However, Britons who are not in the position to receive a helping hand from their parents may wish to consider flats to rent in Islington or another part of London as this could give them time to save up a deposit for a home.
The National Association of Estate Agents recently revealed that the number of sales made to first-time buyers increased from 19 per cent in December 2009 to 23 per cent in January.
Written by Andy Britten
Published 16th February, 2010
© 2010 Estates IT Limited
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Many parents are helping their children buy their first home, it has been claimed - but those not in a position to do so may wish to encourage their kids to consider property to rent in London while they save.