Recent research by Skipton Group shows that only 11.5% of aspiring first-time buyers can purchase homes independently, signaling a growing reliance on family assistance. Most regions in Wales are particularly unaffordable due to low average incomes, with Ceredigion exhibiting less than 3% affordability for starter properties. Upcoming changes to stamp duty thresholds may worsen the situation, prompting calls for government intervention to maintain current benefits for first-time buyers. The reliance on parental support, termed the Bank of Mum and Dad, is illustrated by last year's contributions totaling £9.2 billion, emphasizing the crisis in affordable housing.
With only 11.5% of aspiring first-time buyers able to purchase homes independently, family assistance is crucial in today's housing market.
Skipton Group's analysis reveals that Wales has some of the least affordable regions, with very low average earnings making home ownership nearly impossible.
The first-time buyer landscape is deteriorating, particularly in areas like Ceredigion, where less than 3% of locals can afford homes on their own income.
The impending stamp duty changes could exacerbate the difficulties for first-time buyers, significantly increasing the number of jurisdictions where tax will apply.
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