Potential first-time homeowners are increasingly relying on parents, friends and family members to help them get onto the property ladder, according to a recent study.
TheHouseShop.com commissioned a survey by YouGov, and discovered that just 10% of potential buyers think that savings from their income make for the best way to buy their first property. Lower incomes impact on the amount a home buyer can borrow, while expensive rent can also put a strain on the amount buyers can save. First-time buyers in the UK are struggling to find a way to buy their first home without turning to their family and friends.
The survey asked respondents to outline the best options for first-time buyers to get onto the property ladder. The three most popular responses all relied on family members or parents for assistance to buy a home. Just over 20% believed that their best chance of getting onto the property ladder was through inheritance, while shared ownership schemes and buying with a partner or friend were other options.
According to a co-founder of TheHouseShop.com, Nick Marr, there are far fewer people under 30 years of age who are homeowners, with many struggling to rent their current home and make the leap to home ownership.
One aspect of buying a home is the cost of a mortgage, but mortgage advisors invest significant resource into CeMAP courses, so they can help home buyers find the most suitable product for their needs.