28 Feb

First-timers 'helped by parents'

First-timers 'helped by parents'

Parents in the UK are generously helped their children to get on the property ladder with financial contributions, Abbey Mortgages has stated.

On average, these mums and dads are splashing out £5,874 as they seek to enable their offspring to purchase a first home, the bank noted.

Collectively, this amounts to £27 billion and one in every seven first-timers are given assistance from their parents, it said.

Head of Abbey Mortgages Nici Audhlam-Gardiner stated that the situation is plausible as property prices have risen a great deal in recent times.

"Because house prices have increased so much over the past few years, buying that first home is also a bigger and more daunting investment than it was for the previous generation so guidance is undoubtedly needed," she commented.

The buying process is an exciting one and parents also want to share in this, Ms Audhlam-Gardiner suggested.

Land Registry data has this week stated that English and Welsh house prices grew by 0.9 per cent in January.ADNFCR-1222-ID-18487605-ADNFCR

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