Parents to the rescue!
As house prices continue to rocket in some parts of the country many more first time buyers are looking to their parents or even grandparents for assistance to help them get on the housing ladder.
A recent report from Legal &General stated that this amount of money could even reach the £5bn mark in 2016. This would result in relatives helping finance about 25% of the whole UK mortgage market for 2016 and mean if you looked at them as a financial entity then they would be in the top 10 of the UK Mortgage lenders.
This has come about with the problem in the housing market and that the rise in prices for a home out strips the rise in wages, so some people would not be able to buy their own home without the help from their parents or some other relative.
Many first time buyers would never see their dream of owning their home become a reality and would be a renter for the rest of their life if it wasn’t for their generous parents and some of these donations can be in the tens of thousands, but the average at the moment is about £17,500.
Though not all young people would see such support from their parents and for some owning their home will be just a pipe dream.
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