First time buyers receive financial support from parents

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by Kay Murchie

The Council of Mortgage Lenders (CML) have established that one third of first time buyers will have to get financial help from their parents if they want to take their first steps onto the property ladder.

Young people are resigned to the fact that receiving financial support from their parents is the only way they will be able to purchase their first home.

According to the report by CML, 40% of first time buyers admitted to receiving financial help from their parents. The report also found that first time buyers in London were more dependant on their parents than anywhere else.

CML remarked that approximately 8 out of 10 people said that this is the hardest it’s ever been for first time buyers to get onto the property ladder and that something had to be done. The report established that parents have already been providing financial help to their children over the last few years.