First-time buyers 'relying on parents'
Young first-time buyers are increasingly turning to their parents for help to deal with the affordability problems they face, new research has indicated.
A study by finance portal moneysupermarket.com has revealed that over half of young first-time buyers have their parents officially involved in the transactions, with help being sought to meet costs such as stamp duty and fees, the Daily Telegraph reports.
Commenting non the situation, the site's head of mortgages Louise Cuming stated: "The changing face of the mortgage industry has meant first-time buyers are increasingly relying on family help for their first purchase."
For those living in London who cannot or do not wish to get help from their parents, renting may be a much better option.
The government sought to aid buyers recently by raising the minimum threshold for stamp duty from £125,000 to £175,000.
However, this is unlikely to help many trying to buy a home in London, where according to the latest Land Registry figures, the average house cost is £348,366.
Published 16th September, 2008
© 2008 Estates IT Limited
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Young first-time buyers are increasingly turning to their parents for help to deal with the affordability problems they face, new research has indicated.