20 Jul

Many young people 'saving deposits to buy their first home'

Many young people 'saving deposits to buy their first home'

New research has revealed that 13 per cent of 18 to 34-year-olds are now considering stepping on to the property ladder for the first time.

A survey conducted by moneysupermarket.com asked these people how they planned to finance the purchase of their first home and 23 per cent revealed that they have already saved enough money to pay the deposit.

It was also discovered that parents are footing the bill in many cases, as 18 per cent of respondents said their mum and dad are helping them to pay the deposit.

A total of 16 per cent are considering taking out a loan, while 14 per cent think house prices will drop enough for them to be able to afford a deposit.

Louise Cuming, head of mortgages at moneysupermarket.com, advised against borrowing money.

She said: "Taking out a loan to pay for a mortgage deposit is a dangerous move and must be avoided even if it means you have to delay buying your first home."

According to comments made recently by iammoving.com, potential property owners are now no longer afraid of the market and think house prices are stabilising.

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