28
Feb
First-timers 'helped by parents'
Parents in the UK are generously helped their children to get on
the property ladder with financial contributions, Abbey Mortgages
has stated.
On average, these mums and dads are splashing out £5,874 as
they seek to enable their offspring to purchase a first home, the
bank noted.
Collectively, this amounts to £27 billion and one in every
seven first-timers are given assistance from their parents, it
said.
Head of Abbey Mortgages Nici Audhlam-Gardiner stated that the
situation is plausible as property prices have risen a great deal
in recent times.
"Because house prices have increased so much over the past few
years, buying that first home is also a bigger and more daunting
investment than it was for the previous generation so guidance is
undoubtedly needed," she commented.
The buying process is an exciting one and parents also want to
share in this, Ms Audhlam-Gardiner suggested.
Land Registry data has this week stated that English and Welsh
house prices grew by 0.9 per cent in January.