Over 100,000
first time buyers will struggle to find deposits for new homes this year unless their parents step in, according to a new report.
Research from the Children's Mutual found that
first time buyers need about £4.2 billion in order to get onto the housing ladder.
Some 214,800
first time buyers will need an average of £19,780 each to fund their purchase, but just over half this number will struggle to find the deposit and associated fees unless their parents help out.
David White, chief executive of the Children's Mutual, said that parents of younger children might want to prepare for the future as this is likely to be an ongoing issue.
"They should consider saving for their children now," he asserted.
According to figures from the Council of Mortgage Lenders, the average first time buyer put down a deposit of 13 per cent in April, which is the highest level in more than 36 months.
See Also: Property News (6705)
Date Published: 16 July 2008
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