Taking that first step onto the property ladder can be hard, but it can be just as tricky to climb up it as it is to get on it in the first place.
New research from Lloyds Bank has just revealed that second steppers – those looking to move up the ladder and purchase their second home – still need a bit of help from the bank of mum and dad in order to invest.
Some 17 per cent of second steppers say they intend to ask their parents to help them raise the deposit they need, while nine per cent say they’ll ask their grandparents and six per cent admit they’ll ask their friends for help.
Mortgage director at Lloyds Bank Andy Mason said: “It is clear that despite improved conditions for this part of the housing market, second steppers will still rely on the bank of mum and dad, with hard-pressed parents being once again called on for financial help. Without this extra financial support, second steppers believe that they wouldn’t be able to make the next move on the property ladder for some time.”
It’s certainly not hugely surprising that younger people are finding it hard to become property owners. Recent analysis from emoov found that the average property in the UK is now priced at six times above the average wage… so no wonder people are still having to ask their parents for help.
Hull estate agents like beercocks can help FTBs find and buy their first property with ease. We provide a free cost of moving appointment so you know how much you’ll need to budget for and we also provide free valuations of properties to help you make key decisions. Call us today to take advantage of our vast local knowledge.