Over half of first-time buyers seeking family help, study says

23-Sep-2009

More and more first-time buyers are seeking family help when it comes to getting their first mortgage.

According to research from findaproperty.com, over half of those buying their first property ask their loved ones for financial assistance.

However, the firm pointed out that houses are becoming more affordable for people stepping onto the first rung of the property ladder.

The average first deposit has decreased by over £11,000 since the beginning of 2009, according to the group, while, at the lower end of the market, home values have dropped by 3.7 per cent.

Michael O'Flynn, director of the firm, explained many families are opting to buy a property for their offspring as an alternative to savings.

"Parents often recognise that the market is beginning to offer good value to first-time buyers and this may be the time to take the plunge," he said.

Meanwhile, the National Association of Estate Agents recently claimed the housing market is on the way to recovery 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.

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