FTBs no longer relying on parents

Nia Williams

March 5, 2015

Clydesdale and Yorkshire Banks’ Annual First Time Buyers Survey has revealed that less than half (46%) of the nation’s first-time buyers needed help in saving for their deposit in 2014.

This compares with 63% in 2013 and more than three quarters (78%) in 2012.

Steve Fletcher, head of Clydesdale and Yorkshire Banks’ retail network, said: “It has been very encouraging to see the recovery of the property market with lending to first-time buyers at the highest level for seven years.

“It is also positive that the number of first-time buyers relying on the Bank of Mum and Dad to get on the property ladder has decreased significantly. This reflects the increased availability of first-time buyer mortgages with a low deposit as well as growing economic confidence particularly among housebuyers.”

The research also underlined some stark regional first-time buyer differences with just over a quarter (27%) in Yorkshire receiving support from their parents compared to 57% in the South West.

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