Welsh first-time buyers most reliant on parents

Mortgage Introducer

November 28, 2016

First-time buyers in Wales are most reliant on the Bank of Mum and Dad to help them get on the property ladder, research from Clydesdale and Yorkshire Banks has found.

Nearly two thirds (64%) received help from their parents, followed by 57% in London and 56% in Yorkshire.

Just 38% in the South East and 43% in Scotland had help from their parents.

Overall half (49%) of first-time buyers received financial help from the Bank of Mum and Dad to get on the property ladder, roughly flat from 2015 (48%) and 2014 (46%) but lower than in 2013 (63%) and 2012 (78%).

Helen Page, propositions and marketing director at Clydesdale and Yorkshire Banks, said: “Buying a first home is one of life’s key milestones and we understand the financial pressures that potential homeowners can face, from saving the necessary deposit, to buying furniture as well as budgeting for monthly bills and expenses.”

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