Legal News
One In Ten First-time Home Buyers Rely on Grandparents for House Deposit, Report Uncovers (30 January 2012)
Date: 30/01/2012
Millions of first-time home buyers are turning to their grandparents to help them to acquire the funds that they require for a house deposit, a new report has revealed. The report stated that increasing numbers of youngsters turn to their parents, only to find that they themselves do not have the funds to help them with their deposit.
The report, which was based upon interviews conducted on 1,000 youngsters, discovered that one in ten had asked their grandparents for the funds to purchase a home. It also revealed the impact on older children forced to reside in their parents’ homes as they saved to purchase their own first home, with the majority of grown-up children revealing that the relationship that they had with their parents had been negatively impacted. Many grown-up children forced to reside with their parents told of how they feared that they would have to remain in their parents’ homes until they were into their 40s or 50s, according to the study from Taylor Wimpey, a leading homebuilder.
Some experts have warned that millions of youngsters may never possess the funds required to purchase their own properties, or will be required to endure a wait of years before they are able to do so. Paul Smee, from the Council of Mortgage Lenders, claimed that many prospective homeowners will be forced to rent for longer than they had imagined and that, for many people, home ownership was an “unrealistic” goal.
Duncan Lewis’ conveyancing solicitors understand that moving house can be a stressful process and it is for this reason that they offer clients a thorough property service which provides value for money.