Parents think now is the time to buy property

Posted: 27 Oct 2009 10:09:21 GMT

Some 70 per cent of parents with adult children think that now is a good time for their offspring to buy property, according to a Lloyds TSB survey.

Commenting on the research, commercial director of the financial services group Stephen Noakes said that housing affordability is at its best for six years, hence the attitude of parents looking to get their loved ones on to the housing ladder.

He also suggested that one in four of these eager parents have put money aside to help their children buy a new home.

"With deposits now typically being required at ten per cent that is perhaps not surprising," he stated. "With the current situation and the uncertainty in house prices, we - and indeed the broader industry - are now requiring a higher deposit."

Lloyds' survey also found that eight per cent of parents feel they already have enough money in savings accounts to help each of their children purchase bricks and mortar.

The research also indicated that 14 per cent of parents still believe they need to keep saving in order to have enough money for their kids to become first-time buyers.


© Houseladder Ltd