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Housing Market: Parents as Guarantors
Description
Bank of Mum and Dad Becoming a Necessity in Housing Market: New research reveals that over a third of first-time buyers either got or will get financial help from their parents to purchase a home. With national house prices surging by 14% in just one year, buying a property without parental assistance feels like a distant dream. Claudia, a 25-year-old, shares her experience of relying on a guarantor to secure a home. Almost half of those surveyed admitted they couldnt buy a home without family help, with parents often providing deposit gifts or acting as guarantors. The situation is challenging for both parents and young adults, as the cost of living makes it difficult for parents to support their children, and young adults struggle to stand on their own two feet.
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