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 FTBs forced to return home
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Wednesday, June 06, 2007 |
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First-time buyers in the UK are being forced to return to the family home due to an inability to afford their own property, arising from a shortage of cheap homes...
A study conducted by the Gallup survey has found that 44 per cent of Brits aged 15 to 30 agree that a lack of affordable housing is the main preventative factor in leaving the nest, according to Firstrung.
This, coupled with relatively high interest rates is creating a climate in which new buyers are finding it hard to get on the property ladder.
Meanwhile the Council of Mortgage Lenders reports that a sizable percentage of new homeowners rely on financial assistance from their parents to afford a property.
Figures state that almost a third of would-be FTBs predict that they will need help from their parents.
Of those who have bought a new home 23 per cent said that they were helped by their parents, increasing to 40 per cent of buyers under 30 years of age.
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