Parents give first time buyers a leg up on to property ladder
06 August 2009
Those who are looking for a mortgage on their first home will find it difficult to obtain one without the help of their parents.
That is the opinion of Helen Adams, managing director of FirstRungNow.com, who spoke about the issue after statistics released by the Council of Mortgage Lenders (CML) revealed a rise in the average age of the first time buyer.
In the statistics, it was highlighted that at the beginning of the credit crunch, late 2007, the average age of the first time buyer was 33, a number that has risen to 37 per cent this year.
Ms Adams asserted that at the current time, with house prices relatively low, first time buyers may wish to enter the market, but could find it difficult.
She said: "I don''t know if they will fall any further but those people who do get onto the property ladder will invariably be those who have help from their parents, either in the form of a guarantor, a joint mortgage or a deposit."
According to recent figures published by Credit Action the average house price in Britain stood at £135,416 in April, an decreased of 16 per cent year-on-year.
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