More than one in five (22 per cent) aspiring first-time home-buyers are currently living with their parents in the UK raising their financial burden, a research report reveals. The report provides a panoramic view of the problems faced by the first-time buyers in the UK.
The latest quarterly First Time Buyer Index, published by Aldermore, the specialist bank, shows that the parents’ outgoings have increased by an average of £4,996 a year in food, electricity and petrol, as the first-time buyers continue to live with them.
Raising a deposit remains the biggest obstacle for first-time buyers with more than one in five (22 per cent) hoping to borrow from their parents or family. Interestingly, a quarter of the first-time buyers (26 per cent) say they will have to live with their family for five or more years to save for a deposit!
A third (33 per cent) of parents have had to sacrifice saving for retirement to support their children’s housing aspirations.
A quarter (25 per cent) of first time buyers want the new government to address rising house prices, while one in six (14 per cent) are keen for the Help to Buy scheme to be relaunched.
According to Aldermore report, the situation is unlikely to get better as almost a third (31 per cent) strongly agree that buying a home is unachievable for them at the moment (a sentiment which is consistent quarter on quarter).
The latest quarterly First Time Buyer Index 1, published by Aldermore, the specialist bank, reveals that more than one in five (22%) aspiring first time buyers are currently living with their parents.