First time buyers get £18,000 boost from parents

03-Aug-2006

The average parent gives their child £17,677 towards their first property – more than the ten per cent required deposit of a first time buyer property, according to research from Alliance & Leicester.

Over 50 per cent of aspiring first time buyers ask their parents for help, with fathers more prepared than mothers to provide the financial help needed to get on the property ladder.

Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Our research reveals that many parents are planning to support their children well past the age of 18, especially when it comes to their first home.

"As house prices continue to rise, it is no wonder first time buyers are looking for that bit of extra funding from their parents to get on the property ladder. This may be one of the reasons we are witnessing continuing first time buyer activity despite houses becoming more expensive."

Meanwhile, figures released by Nationwide earlier this week suggested that first time buyers are seeking non-traditional means of financing their first home.

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