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[1]. 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.
[1] https://www.gov.uk/government/statistics/english-housing-survey-2014-to-2015-first-time-buyers-and-potential-home-owners-report
| First Time Buyer Comparison[1] | ||
| 1994/95 | 2014/15 | |
| Average Age | 30 | 33 |
| Single Buyers | 29% | 14% |
| Couple Buying Together | 63% | 80% |
| Got Help from Friends/Family | 21% | 27% |
| Used Inheritance | 3% | 10% |
| Total First Time Buyers | 857,000 | 564,000 |
[1] http://www.bbc.co.uk/news/business-36857426
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