Three in five first-time buyers depend on the bank of mum and dad in order to get onto the property ladder, according to research by Just Group. In the last five years, 61 per cent of FTBs relied on financial help from relatives in order to purchase a property. In comparison, just 20 per cent of FTBs relied on financial assistance from relatives 30 years ago.
First-time buyer numbers have reached a 12-year high, according to the Ministry of Housing, Communities & Local Government. Data collected by the MHCLG shows that there were 35,010 FTB mortgages completed in August 2019. This represents the greatest total since the previous high set in August 2007, when 35,070 FTB mortgages were completed.
Three in five first-time buyers depend on the bank of mum and dad in order to get onto the property ladder, according to research by Just Group. In the last five years, 61 per cent of FTBs relied on financial help from relatives in order to purchase a property. In comparison, just 20 per cent of FTBs relied on financial assistance from relatives 30 years ago.
