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First-time buyers turn back on parental help

More and more first-time buyers in Britain are choosing not to turn to their parents for help purchasing their first property, a new report reveals.Figures from bank Abbey show that just 9.7 per cent of first-time buyers expect to get financial help from their parents when they buy a home, down from 23 per cent at the same time last year.The number of first-time buyers expecting their parents to act as a guarantor for their mortgage has also fallen from 12 per cent to seven per cent over the past year.According to the Abbey First-Time Buyer index, the trend for buying a first home as part of a couple or with a group of friends or relatives is continuing, with affordability constraints forcing more buyers to team up to purchase their first house.Abbey head of mortgages, Nici Audhlam-Gardiner, commented: "The decline in the number of potential homeowners relying on their parents is a positive indication that first-time buyers are finding alternative ways of funding their homes. Certainly part of this is due to the rise in the number of mortgage providers offering better solutions to suit the needs of would-be homeowners."As first-time buyers continue to struggle with issues of affordability and steeper mortgages, figures from building society Nationwide show that house prices rose by 10.2 per cent over the year to February 2007, with an average home now costing £174,706.

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