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First-time buyers rely on family

12th November 2012 | back to article listings BACK    print this article PRINT

Almost half of all first-time buyers get financial assistance from their families to raise a deposit for their new home.

Research from the Clydesdale and Yorkshire banks reveals that 49% of those buying their first property get help from their parents or grandparents with the deposit.

It also shows that 11% of those who get family assistance to buy their first UK property do so by using an inheritance.

Approximately 35% were given up to 10% of the home's sale price as a deposit, while 30% received a 20% deposit.

Wales had the most first-time buyers to receive a 10% deposit at 58%, followed by 48% of those in Scotland and the east of England.

An optimistic 34% of people in the north west of England estimated it would take them between six months and a year to raise a deposit, while 10% of Londoners thought it would take longer than five years.

Copyright Press Association 2012

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