Grandparents concerned for first time buyers

07-Sep-2007

Older generations are becoming increasingly concerned about their grandchildren's ability to purchase a home, new research shows, with one in nine saying they were worried about their own children's ability to provide for first time buyers.

Around four and a half million grandparents are putting money aside for grandchildren for a variety of reasons, the study from CreditExpert.co.uk has found.

And it is a specific concern over rising house prices that has lead 17 per cent to save money for the benefit of their children's children.

"It seems many grandparents are stepping up to fill the financial void of the 'credit generation' whose money is increasingly tied up in mortgages, loans and credit agreements," commented CreditExpert managing director Jim Hodgkins.

"The concept of grandparents putting money aside for their grandchildren is not new, but the reasons why they give money certainly seem to be.

"A decade ago many would have just given their grandchildren birthday money or to set up a building society account. Nowadays, it's more likely to help the child onto the property ladder, one of the defining struggles young people face in today's society," Mr Hodgkins added.

Parents themselves are increasingly looking to the buy-to-let sector as a way of helping their children, it was suggested last month.

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