A survey amongst over a thousand wannabe property-owners tells us that 93% of them think the state should do more to help them. In addition, over 70% of them say it’s most likely they will need help with the deposit or mortgage from their parents.
Helen Adams, founder and Director of first time buyer website FirstRungNow.com comments:
“We hear in the news that mortgage completions, particularly among first time buyers are at lowest levels and that those taking that first step onto the property ladder are charged a premium by lenders. Surely something has to be done.
"Leaving the market to its own devices will lead to a social divide in our community between property owners and tenants based on who has parents wealthy enough and willing to help.
"The government needs to look at how it can help the industry back on its feet, whilst mortgage lenders should be incentivising first timers, funding that help from those further up the chain or other sources.”