Parents' beliefs to result in offspring finding flats to rent in London?
There may be a rise in people looking for flats to rent in London after a recent study showed 79 per cent of parents feel it is harder for their children to buy a home today in comparison to what it was like when they were purchasing their first home.
Research conducted by Halifax revealed parents have a lack of understanding of the mortgage market, with almost two-thirds of those asked admitting to not knowing common types of first-time buyer lending products.
Stephen Noakes, Halifax's commercial director for mortgages, added: "Traditionally first-time buyers turned to their parents for a hand-out, but for many giving a deposit or paying off debts is not financially viable."
Over three-fifths of parents admitted they were not in a financial position to help their children, the study showed.
This could lead to a greater number of first-time buyers finding flats to rent in London as an alternative to purchasing a property.
Earlier this week, editor of What Mortgage Ben Wilkie said home loans may become less accessible if proposals suggested by the Financial Services Authority come into effect.
Andy Britten
Published 13th October, 2010
© 2010 Estates IT Limited
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