Britain’s often envied “bank of mum and dad,” used by first-time homebuyers to scrape together a mortgage deposit, is drying up.
Parents accounted for 72% of family members contributing to first-time buyer deposits in the year through July, according to analysis from broker Hamptons International using Skipton Building Society data. That’s down from 74% last year, and 80% in 2018, as new homebuyers increasingly call on siblings to help them pull together a deposit.
UK households are facing a stream of cost pressures triggered by pricey borrowing and inflation that’s slowly dropping back from generational highs. That’s led to a slump in first-time buyer sales, as wannabe homeowners remain stuck in ever-pricier rental contracts while mortgage costs surge. “Should interest rates stay higher for longer, it will exacerbate the gap between what those with and without family help can afford,” Hamptons’ Beveridge warned. “Those without help will likely face saving up for longer and buying later in life or purchasing a smaller home.”UK parents gift about £14 billion a year to their children, according to the Institute for Fiscal Studies, often to help with the large deposits needed to get onto the housing ladder.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Instagram Dad Raises Daughters So They Can Recognize And Stay Away From Toxic Men (67 Pics)This dad is setting a great example for his daughters and also teaching guys how to grow into good, supportive, well-adjusted men.
Lire la suite »
No “Dusty Sons” Allowed: Dad Makes Sure His Daughters Grow Up Expecting The Best Of MenThis dad is setting a great example for his daughters and also teaching guys how to grow into good, supportive, well-adjusted men.
Lire la suite »
Instagram Dad Raises Daughters So They Can Recognize And Stay Away From Toxic Men (50 Pics)This dad is setting a great example for his daughters and also teaching guys how to grow into good, supportive, well-adjusted men.
Lire la suite »
The stock market will continue higher until these 2 things happen, Bank of America says'Today's macro data... tell us that now is the time for offense, not defense' in the stock market, BofA's Savita Subramanian said.
Lire la suite »
LACKIE: All eyes on the bank of Canada this fallFor those interested in real estate, the first week after the long weekend appears to be hotly anticipated.
Lire la suite »
A Palestinian dies a month after being shot during an Israeli raid in the West BankThe Palestinian news agency reported Saturday that a 20-year-old died of wounds a month after being shot during an Israeli army raid in the occupied West Bank.
Lire la suite »