Parents 'help FTBs on property ladder'

08-Sep-2008

Parents still play an integral part in their children getting on the housing ladder, a report suggests.

The Times notes how new housing measures introduced by the government are being coupled with parents' insistence on helping their offspring as first-time buyers (FTBs).

Quoting statistics from Savills Private Finance, the paper says inquiries from parents looking to help their children have increased 15 per cent on last year.

Melanie Bien, a representative from Savills, tells the publication: "Though the government’s package will help a small few, it’s likely parents will continue having to offer financial help to their children."

She adds that this is "a risk for parents", especially as it looks as though the UK is heading for recession.

Last week the government announced its HomeBuy Direct scheme, aimed at helping FTBs on the property ladder.

A five-year interest-free loan will be offered to those with an income below £60,000.

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