Record Number Of First-Time Buyers Forced To Ask For Family Help

With the house buying market still turbulent it has been increasingly difficult for first-time buyers to get their foot on the property ladder. However, it seems that more and more young people are turning to their nearest and dearest for financial assistance.

Government figures have revealed first time buyers are asking their families for help to get on the property ladder in record numbers. Almost half of all young wannabe-property owners are forced to ask their parents to assist them with their deposits to bridge the still-yawning affordability gap.

In many cases, first time buyers require tens of thousands of pounds to make their dreams reality. The numbers needing help have soared almost 40 per cent since 1995.

"First time buyers need to save harder and for longer than ever before to put down a decent deposit on a house," stated a mortgage specialist.

Maybe this is something to do with the fact that ten years ago a house cost the approximate equivalent of 2 years' wage (for someone on the average wage) whereas today it's 5 or 6 years' wages. First-time buyers need at least five years to save for a deposit on a new home as house price rises far outstrip earnings, according to a report by the nation's largest mortgage lender.

The majority of first-time buyers were unable to afford a semi-detached property, with most going for terraces, flats or maisonettes.

Buying a home for the first time can be expensive. Young people need to be sure they have an idea of the different costs and find out ways they could make buying a home possible and less daunting. There are many types of mortgages available and some are targeted specifically at first time buyers. Do some research and talk to an independent financial advisor if possible who will be able to give you all the options for your individual circumstances.

If you would like to know more about buying property why not ask AnswerBank Home and Garden.

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