Parents 'are willing to help' first-time buyer children

27-Oct-2009

First-time buyers are increasingly acquiring parental help to meet the costs of getting onto the first rung of the property ladder.

This is according to Stephen Noakes, commercial director of mortgages at Lloyds TSB.

He said research from the bank has indicated that 70 per cent of people with adult children believe now is the right time to buy a house, with a quarter of these putting money aside to help them.

Mr Noakes pointed to the deposit as something first-time buyers particularly need help with.

He commented: "It is unsurprising that first-time buyers are … partly saving for that deposit themselves, but… [they] are also looking for additional financial support from their parents.

"This research suggests that many of those parents are actually happy to provide that assistance."

Other findings from a report published by the institution found that 23 per cent of parents plan to use their savings to help their children, with an average amount of £41,000 being saved.

Meanwhile, the Rightmove house price index recently showed that the average asking price for properties increased by 2.8 per cent in October.

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