Alliance & Leicester: Parents feel urge to help kids buy homes
www.moneynews.co.uk > Housing market > Alliance & Leicester: Parents feel urge to help kids buy homes
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Money News |
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Alliance & Leicester: Parents feel urge to help kids buy homes
Tue 28th Aug 2007
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A new poll by the mortgage lender revealed that almost half (48 per cent) of fathers feel a responsibility to pay towards their children's first home, while 34 per cent of parents admitted they would feel guilty if they did not contribute.
On average, parents are paying £21,314 to help their son or daughter buy their first house, the survey found.
Stephen Leonard, director of mortgages at Alliance & Leicester, said that rising prices and stamp duty have persuaded many parents to offer assistance.
"This means extra funding from parents can often make the difference between renting or being able to get on to that first rung of the property ladder," he said.
A recent study by Alliance & Leicester found that Britons choosing their first home are more likely to buy close to their place of work than to their family and friends.
Related News : Housing market |
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Related News : Alliance & Leicester |
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