A new survey reveals that 96 percent of first-time homebuyers require financial assistance for their deposits due to soaring property prices. This support often comes from parents (68 percent) and friends (57 percent). Additionally, parental help is becoming essential, with 80 percent of first-time buyers needing to move back home to save for a deposit. Many buyers are saving for approximately three years, often making compromises such as delaying major purchases and social activities, while three-quarters are settling for smaller homes to secure their desired locations.
The number of first-time buyers needing a helping hand to get on to the property ladder due to soaring prices has been revealed in a new survey.
For over two-thirds (68 per cent), this came from parents, while just over half (57 per cent) received help from friends.
Parental support is fast becoming a mainstay of the UK's home ownership pathway, with 80 per cent of first-time buyers moving back to their childhood home.
In three-quarters of cases, buyers are now also having to compromise on size to secure a home in their preferred location.
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