Parents 'look to fund children's property purchases'
More than two-thirds of parents who have grown-up children believe that now is a good time for their offspring to purchase a first home, while a quarter plan to use their own savings in order to fund such a purchase.
The research by Lloyds TSB has also revealed that 93 per cent of parents intend to provide the same financial assistance for all of their children.
However, 20 per cent said their children need to contribute to the deposit themselves, while 14 per cent admitted they will need to keep on saving.
This may mean that flats to rent in Notting Hill and other parts of London provide children and parents alike with the time to save for a new home.
Commenting on the news, Stephen Noakes, commercial director of mortgages at Lloyds TSB, said: "It is unsurprising that first-time buyers are partly saving for that deposit themselves, but in addition are also looking for additional financial support from their parents."
Written by Charles Mackay
Published 26th October, 2009
© 2009 Estates IT Limited
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More parents in the UK are having to consider funding the purchase of a first home for their children, new research has revealed, although renting could be a viable option while Britons save.