14 Oct

Bank of mum and dad helps first-time buyers purchase houses for sale

Bank of mum and dad helps first-time buyers purchase houses for sale

The bank of mum and dad has been noted for helping first-time buyers with purchasing houses for sale in the UK.

A report conducted by Halifax revealed that 32 per cent of parents would be willing to give financial assistance to their children to get on the property ladder, with 79 per cent thinking that it is harder for their children to purchase their first properties than it was for them.

Genworth Financial suggested that many people struggle to get on the property ladder as a result of the increasing limitations on high loan-to-value mortgages, which means that people have to now acquire a much larger deposit before they can put an offer in for a property for sale in the UK.

Earlier this week, housing minister Grant Shapps stated long-term stability is required for house prices and another boom would "lock an entire generation out".

He added that the average age of a first-time buyer without financial assistance from parents is now 37. ADNFCR-1222-ID-800116961-ADNFCR

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