3 Jul

Parents 'helping their children to buy a home'

Parents 'helping their children to buy a home'

More and more parents are taking advantage of low house prices to help their children purchase their first property, statistics show.

Lloyds Banking Group claims that a fifth of people give their offspring money to aid them in their first steps on to the housing ladder.

This often occurs when they go away to university and the low interest rates on cash deposits could mean that now is the perfect time to make such an investment, the Daily Mail reports.

Further research conducted by Propertylive discovered that parents may do well to chose a two-bedroom, rather than the traditional one-bedroom flat for their children because of the current market.

Charles Smailes, chairman of Propertylive, said: "By going for a two-bedroom rather than a one-bedroom property, parents should see good returns on their investment."

In other news, the Times recently reported that increasing numbers of people are choosing to purchase their first home from their landlord to save them the bother of moving.

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