Parents assisting children's property dreams

Young people in the UK are increasingly looking to their parents to provide advice and help when it comes to getting their foot onto the property ladder, according to experts.

Helen Adams, the managing director of first-time buyer information service FirstRungNow, says that many people are now seeking financial assistance from their parents so that they can afford a deposit for property.

Many parents are releasing equity from their own home to pay for their children's deposits and without this help it would be extremely difficult for the young people to get onto the property ladder.

"What is stopping the first-time buyers buying is actually giving their parents more money to invest," said Ms Adams.

"So they are in a good position to help their children onto the property ladder and I think about half of first-time buyers currently get help from parents and I see this as an increasing trend," she added.



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