20
Jul
Many young people 'saving deposits to buy their first home'
New research has revealed that 13 per cent of 18 to 34-year-olds
are now considering stepping on to the property ladder for the
first time.
A survey conducted by moneysupermarket.com asked these people how
they planned to finance the purchase of their first home and 23 per
cent revealed that they have already saved enough money to pay the
deposit.
It was also discovered that parents are footing the bill in many
cases, as 18 per cent of respondents said their mum and dad are
helping them to pay the deposit.
A total of 16 per cent are considering taking out a loan, while 14
per cent think house prices will drop enough for them to be able to
afford a deposit.
Louise Cuming, head of mortgages at moneysupermarket.com, advised
against borrowing money.
She said: "Taking out a loan to pay for a mortgage deposit is a
dangerous move and must be avoided even if it means you have to
delay buying your first home."
According to comments made recently by iammoving.com, potential
property owners are now no longer afraid of the market and think
house prices are stabilising.
