First-time buyers rely on parental investment

Securing financial help from parents when buying a first home is becoming increasingly common in the UK, research from Clydesdale and Yorkshire Banks has shown.

The companies revealed that 84 per cent of first-time buyers rely on parental investment when house buying, marking a rise from 38 per cent back in 2005.

Others are entering into a mortgage with a partner or friend in order to lessen the financial blow.

Data from the National Association of Estate Agents recently showed that despite there being three bank holidays in April, people were still keen to view properties and make purchases.

It found that the Easter period proved a particularly popular time to go house hunting, which helped offset a lack of activity towards the end of the month.

Branches were also revealed to have welcomed an average of one extra property onto their books throughout the month.

  • Property News from Lawpack: Expert advice on buying a property investment for your children.

Published on: May 26, 2011

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