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Home > Latest news > Parents helping children buy house

Parents helping children
to buy house

Helping grown-up children onto the first rung of the property ladder is a priority for a quarter of parents, according to a survey from Lloyds TSB.

It has found that parents plan to use an average £41,000 of savings to help a child secure their first home, and that seven out of 10 believe now is a good time to buy.
 
While 14% say they plan to continue saving, 20% expect their children to contribute towards the deposit. Only 8% have saved enough to help all of their children.
 
Although 90% want to help their children equally, others say their offspring do not need the same level of help because they earn different salaries or are buying with a partner.
 
Lloyds spokesman Stephen Noakes said: "The current housing market presents a real opportunity for first-time buyers, as long as they are ready to buy with a deposit.
 
"Housing affordability is back to the level it was in 2003, so many parents with grown-up children want to help them take advantage by using their savings."
 
Copyright © Press Association 2009
All articles are copyright The Press Association 2009. News articles provided by The Press Association for Family Investments. Whilst every care it taken to ensure accuracy of editorial content, Family Investments takes no responsibility for any errors or omissions. The views expressed in these articles are not necessarily those of Family Investments.
  

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