Parental Support for First-Time Buyers as Sales Grow
New research has highlighted the amount of financial support that first-time buyers received from their parents, as the latest figures show the highest level ever recorded for sales to first-time buyers.
A survey conducted by Yorkshire and Clydesdale Banks found that nearly 50% of those buying their first property had had some form of financial support to get themselves on the property ladder. 18% were given money towards the deposit by their parents, and a further 18% were loaned the money by family members.
This data shows that even though the government has invested heavily in financial packages for first-time buyers, there is still a need for additional help from family in many instances to buy their first home, which could feature a grand design balcony.
The number of buyers getting financial help was up slightly from last year's figure of 48%, but there has been a significant drop since 2012 and 2013, with 63% and 78% of first-time buyers getting financial support in those years. Rise in First-Time Buyers The cost of buying their first home may leave some first-time homeowners asking their parents for support, but the latest figures for sales to this demographic in October were actually at their highest ever level since records began.
Data released by the National Association of Estate Agents shows that 32% of property sales for the month were to those buying a first home, which was 9% up on September's figure and the highest since 2000, when figures were first recorded.
Increase in Sellers and Buyers
October also saw a rise in the number of homeowners putting their property on the market, with 7.5% more looking to sell their properties, some of which will have a stunning grand design balcony to attract buyers.
More people putting their property on the market is a positive step for the industry, but there was also a large rise in those looking to buy, with figures rising by almost a third in October.
These figures are all good news for the housing market, which has had issues over the past few years with a shortage of properties compared to the number of people looking to buy. However, the level of transactions is still below the same time last year, and we continue to battle with an annual shortfall in the number of properties being built compared to the rise in demand.