FTBs with parental help encouraged to buy

03-Jun-2009

Would-be first-time buyers (FTB) who have the financial support of their parents have been told now is a good time to purchase their first property.

The Building Societies Association's (BSA) head of mortgage policy, Paul Broadhead, said that getting on the property market at this current time could be feasible for people in this situation.

Various surveys - such as one published by Halifax last month - have suggested the cost of housing is at its most affordable level for some time.

Despite needing a large deposit, some FTBs will be able to benefit from the help of their mum and dad, Mr Broadhead explained.

He said: "The mortgage rates are historically low [and] property values are lower than they have been for a number of years.

"It's a great time for [first timers] to get [on the property ladder]."

His comments came at the recent Building Societies Annual Conference - an event organised by the BSA which brings together more than 300 property and financial professionals in the UK.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

Property prices rise in May
First-time buyers 'benefitting from HomeBuy scheme
More key workers able to become first-time buyers

2012: Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar