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Are first-time buyers dipping their toes into the market?

While there are differing opinions as to the current state of the UK property market, figures from the Council of Mortgage Lenders (CML) seem to indicate that the bank of mum and dad is being used more and more to fund the purchase of property for children. Interestingly, the last CML report on this subject back in 2007 highlighted the fact that 37% of first-time buyers under the age of 30 depended upon their parents for financial assistance, the figure has now risen to 80%.

This 80% figure is the highest on record and either indicates that first-time buyers are struggling to cover their deposits and initial mortgage costs or more and more people are seeing the UK market as offering excellent value and are determined to jump in before a full-scale recovery. It is debatable as to which of these opinions and potential outcomes is correct, but one thing is for sure, the cost to parents of assisting their children continues to grow and grow.

As we covered in one of our earlier post, we are in an era where many parents managed to put money aside for their savings and benefited from the very buoyant property market. Whether the next generation of parents will be able to assist their children in the same manner remains to be seen.

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