Thursday 10th April 2008
The surge in the size of deposits has forced more and more first time buyers to club together to buy a home, according to the Home Sale Network (HSN).
Over the last five years, 57 per cent of the 750 estate agents represented by the body have reported a rise in the number of first time buyers pooling their resources.
The trend has been fuelled by burgeoning house price growth in this period, which in turn has pushed up the sum required for a deposit to around £28,420, the HSN said.
David Panksard of the HSN commented: "Buyers are having to find new ways to get the necessary funds together to get on the to property ladder, whether that’s buying with their partner, a group of friends or a family member.
"The good news is that the first-time buyer properties start at well below the national average."
Of those buying with others, five per cent clubbed together with friends, while 14 per cent teamed up with the family.
The remaining 81 per cent chose to buy with a partner.
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Mortgages
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