FTBs no longer relying on parents
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.