New buyers 'receiving parental help'

15-Sep-2008

More than half of all first-time buyers who recently used one of the country's price comparison sites are receiving help from their parents, research shows.

Moneysupermarket.com reveals more than half of the would-be new buyers it has put in touch with lenders have received aid from their parents to help them onto the property ladder, the Daily Telegraph reports.

The newspaper notes mums and dads have helped out by providing cash for things such as deposits and stamp duty legal fees.

It asserts FTBs are being forced to turn to their families to counteract the problem of a lack of affordable mortgages for those with small mortgages.

Louise Cuming, the head of mortgages at Moneysupermarket.com, tells the newspaper: "The changing face of the mortgage industry has meant first-time buyers are increasingly relying on family help for their first purchase."

Earlier this month the government announced a stamp duty holiday for one year on homes costing less than £175,000.

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Abbey slashes mortgage ratesReduced supply of high-end propertyNumber of FTBs 'decreasing'

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