First-time buyers are now relying on their parents and guardians to help them purchase their first home, according to an industry specialist.
It is now taking first-time buyers five years to save up for a house deposit, with many relying on parents to help them out financially or act as a guarantor to allow them to borrow more money.
Editor of Your Mortgage magazine and website Paula John comments that 50 per cent of first-time buyers have some form of family help to get them onto the property ladder.
"Parents are giving up their savings and hard earned cash, even remortgaging and releasing equity from their own property in order to give it to their children to help them onto the property ladder," she remarks.
First-time buyers took eleven months less to save a deposit a year ago indicating a sharp rise, Ms John suggests. She blames interest rates and the cost of mortgages and properties for the current situation.
According to Your Mortgage, the price difference between property in the north and south of the country is widening. London, the south-east and Northern Ireland are now the most expensive places to buy property with prices rising considerably.
Expert: Parents are helping out first-time buyers
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Expert: Parents are helping out first-time buyers
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