First-time buyers are likely to get help from their family in order to purchase a property, one expert has suggested.
Managing director of FirstRungNow.com Helen Adams said that many individuals will have to get support from their parents in order to place their initial deposit and those that do not have less chance of entering the market.
She remarked: “I think that they will get help and that there will be increasing demand from first-time buyers while prices stay quite low.”
Apart from providing the money for a first instalment on a house, mum and dad can also lend a hand by acting as a guarantor or agreeing to a joint mortgage, Ms Adams added.
People interested in buying a new house should consider speaking to an adviser, she commented.
According to figures released by Credit Action, the average first-time buyer deposit required was 25 per cent – the largest ever recorded.
By Francis Finch