First time buyers 'forced' to rely on parents

23-Oct-2006

First time buyers are increasingly forced to rely on their parents for a deposit, new research suggests.

Around 25 per cent of first time buyers are relying on their parents to financially contribute to their deposit, according to the results of a survey by Skipton Building Society

A further 12 per cent expect their parents to act as a guarantor for their mortgage.

"Faced with industry figures which put the average cost of a house in the UK at nearly £200,000, climbing onto the property ladder must seem as daunting as climbing Everest," said Jennifer Holloway, head of media relations at Skipton Building Society.

"Add to that the rising costs of living and renting … and its little wonder first time buyers are looking to their parents for financial help," she added.

The survey, conducted as part of the building society's First Time Nerves campaign found that 40 per cent of first time buyers find it hard to save for a deposit, while nearly 25 per cent cannot save at all.

Skipton Building Society offers a range of mortgages for first time buyers, in addition to second or third time purchasers.

To find out more about all the different and creative and innovative mortgages designed specifically for first time buyers click here.

Click here for further information on finding a deposit.

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