Thursday, October 19, 2006
Quarter of FTBs can’t get mortgage without parental help
Spiralling living costs has led to young first-time buyers relying on "the bank of mum and dad" to get on the housing ladder, according to a report. Research from Skipton Building Society revealed that one in four 20-35 year olds are counting on parents to contribute to their deposit. Jennifer Holloway at Skipton Building Society, said: "Faced with industry figures which put the average cost of a house in the UK at nearly £200,000 climbing onto the property ladder must seem as daunting as climbing Everest.It is little wonder first-time buyers are looking to their parents for financial help. She added: "The reality is that, if you want to be a homeowner, you have to make the most of the money you have. Our advice for young people is to start saving as early as possible - even if it means forgoing the odd night out or new pair of shoes."