The result of a recent housing survey conducted the government revealed that 27% of First Time Buyers were helped by “the bank of mum and dad” towards their first home purchase. The figure 20 years ago was 20%. The other most popular means of acquiring their deposit by inheriting or by teaming up with a partner to purchase their first home together.
In 10 years, the number of people buying their first home has dropped by ⅓ despite government schemes designed to help first time buyers such as the Help to Buy scheme.
|First Time Buyer Comparison|
|Couple Buying Together||63%||80%|
|Got Help from Friends/Family||21%||27%|
|Total First Time Buyers||857,000||564,000|
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