Abbey Mortgages: First-borns benefit the most from home-buying help

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Abbey Mortgages: First-borns benefit the most from home-buying help

New research from Abbey Mortgages shows that that 17 per cent of first-borns are given money towards their first home, compared to 12 per cent of second-born kids and nine per cent of third-born children.

Eldest children also reap the benefits of their parents' time, with mums and dads investing an average of 31 hours helping their first-borns buy their new home, against 19 hours for their second-born and 14 hours for child number three.

However, although first-borns are more likely to get help with their deposit than their younger brothers and sisters they are only likely to receive about £3,346 to move into their first home, compared to second-born children who get on average £7,899 and third-born children who can hope for £9,715.

According to Abbey Mortgages this is because parents have more disposable income by the time their younger children leave home and rising house prices mean larger deposits are required for younger siblings.

Nici Audhlam-Gardiner, head of mortgages at Abbey, commented: "In recent years, property price growth has been so strong that even a gap of two or three years can mean a big financial difference when it comes to raising a deposit."

This trend may be set to change as Global Insight predicts house prices will fall by five per cent this year.
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