Parental help highlighted

‘Figures from the Council of Mortgage Lenders have shown that 66% of first-time buyers in recent years have had parental assistance with finance when buying a property.

The figure rises to 72% in London. Overall, the CML said a typical first-time buyer is 29, puts down a 20% deposit, with parental help, and has a total household income of £34,000.

The figures also showed that the number first-time buyers in London and Scotland have hit a three-year high.

Meanwhile, a report from Key Retirement Solutions has claimed that retired homeowners over the age of 65 have more than £750bn of “property wealth” tied up in the value of their homes.’

Sources: Daily Mail, Evening Standard, The Herald

Myfanwy Neville

Partner: Property and Construction, Sustainability and ESG

T +44 (0)20 8922 9376
E Myfanwy.Neville@bkl.co.uk

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