Homebuyers receive help from mum and dad

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Homebuyers receive help from mum and dad

Thu 24th May 2007

People looking to invest in bricks and mortar for the first time are finding it more commonplace to receive financial assistance from their parents to get on the property ladder.

Research commissioned by the Council of Mortgage Lenders (CML) suggests that almost a third of Britons considering a property purchases are anticipating receiving parental pecuniary support.

Of those people who have already got on to the property ladder, almost two-fifths of under 30s had received financial support, with 40 per cent of people entering the market since 2004 saying they have received help.

Commenting on the figures, Bob Pannell, head of research at the CML, said he was "intrigued" to find out last year that while four-fifths of first-time buyers were finding it more difficult to get on the property ladder, less than one in ten thought parents should do more to help.

He said that this was because: "Over the past few years, parents have already been providing significant help to younger homebuyers and there is uncertainty about whether they can do even more."

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