First-time buyers seeking parental help

27-Aug-2009

It may be a good option for first-time buyers to seek parental help when it comes to accommodation.

This is the view of Graeme Moran, managing director at Metropolitan Home Ownerdhip, who tried to explain the emerging trend of young adults moving in with their mothers and fathers.

Mr Moran noted some people may be concerned about their job prospects and income, meaning they would rather not take the risk of acquiring new tenancies or first mortgages.

However, in returning to the family home, first-time buyers may be able to take stock and rejuvenate their finances in order to prepare for getting on the housing ladder.

"[If] the parents have got a reasonably charitable view then it is a good way of saving some money," he said.

"Spending a year to repair any incomplete credit history and then after that hopefully having sufficient savings to go out onto the housing market."

This comes as Saga reported an increase in the number of young adults moving back in with their parents, with 31 per cent of over-50s stating their offspring had returned.

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