According to a survey commissioned by Saffron Building Society between January 15th to January 18th 2021 82% of first time buyers are struggling to raise a deposit to purchase a home.
Traditionally, the bank of Mum and Dad, has been a popular source among first time buyers to assist with raising the required deposit. However, the survey data shows 83% of those currently house hunting have been offered no help. With Covid restrictions still in place, many workers furloughed, the country in recession and ongoing nervousness around job losses it is no surprise parents are choosing to sit on their savings for their own security.
It should be noted the survey data is being released at a time when we starting to see lenders releasing 90% loans to first time buyers. Meaning you only have to find 10% deposit! Granted – it is not quite the 95% loan Prime Minister, Boris Johnson, announced in the autumn of 2020 but a step in the right direction to help first time buyers to get onto the housing ladder.
Note: The survey was commissioned by Saffron Building Society via FindOutNow; who collected data from 500 first-time buyers in the UK.
If you are currently house hunting or contemplating what may be possible feel free click here to contact us and arrange a 15-minute consultation. We’ll quickly be able to tell you what may be possible and offer free advice for online applications.