Almost every first-time buyer 'will need the help of their parents'

Posted: 19 Feb 2010 11:49:04 GMT

Almost every first-time buyer who is looking to purchase a property in the UK will require the help of their parents in order to put down the necessary deposit, one expert has stated.

Parenting expert Catherine Hanly says: "If you add together the fact that kids are finishing college with massive student debt, it's incredibly expensive to buy a house in the first place and it's hard to pick up money."

Her comments come in response to recent research conducted by 72 Point on behalf of the Children's Mutual, which revealed that the average cost of supporting offspring from the ages of 18 to 30 is expected to exceed £30,000.

Ms Hanly states that the large majority of this lump sum will account for parents helping their children to get a foot onto the property ladder.

Some 28 per cent of the parents questioned in the survey revealed that they had gone so far - or were planning to do so in the near future - as to remortgage their home to help provide financial support for their adult child.

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