Parents 'looking to bankroll children as first-time buyers'
26th October 2009
The survey by Lloyds TSB showed that 70 per cent think this, with 23 per cent of parents looking to aid their offspring with funding.
On average, such mums and dads have £41,000 set aside to help in this fashion.
The bank revealed these findings alongside news that the number of first-time buyers is on the rise.
It noted that this jumped from 8,600 in January to 19,200 in August.
This trend may help encourage more construction as the housing market picks up.
Commercial director of mortgages at Lloyds TSB Stephen Noakes said: "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."
Such a rise in first-time buyers has come despite constructor Telford Homes saying recently that the availability of mortgage finance did not improve in the six months to September 30th.
