Parents Help First Time Buyers
First time buyers are a hot topic lately. The Government have pulled out all the stops to help provide support in the form of funding and encouraging house builders to… well, get building, and the Bank of England are helping keep mortgage rates lower than ever.
In fact, just recently, the Government published a report that showed almost 100,000 people had taken full advantage of their Help to Buy scheme, with a whopping 80% of them being first time buyers. So we can be rest assured that property newbies are taking full advantage of all options at their disposal.
However, according to new research, it’s not just Government schemes and low prices that are helping first timers get on the ladder. It’s their parents. Apparently almost a third of wannabe home buyers are choosing to move back in with mum and dad. 28% of parents said they’ve allowed their grown-up kids to move back into the family home, compared to 24% in 2012. Apart from the obvious reasons like getting your washing done and your dinners made, we wanted to dig a little deeper as to why so many of us are moving back with the ‘rents:
Let’s face it, your parents may well be the best landlords you ever have. We already know that as many as 40% of those who move home don’t have to pay any rent at all thanks to good old ma and pa. Even those that do pay rent probably don’t fork out as much as they would anywhere else, so it’s a great opportunity to get saving towards that deposit.
It’s no secret that the UK is currently experiencing a serious lack of housing. Although many new developments are well under way with construction, demand is rife across the country. With this in mind, many of those who are wanting to buy just haven’t quite been able to grab their dream home just yet, so living back with the parents is the next best thing. And it’s not just first time buyers who are missing out, it’s been reported there are up to seven potential tenants chasing every new rental home that comes on the market, so it pays to be quick off the mark.
Buying a first house is a huge decision and many will appreciate having a little extra time and support before making the plunge. For those in a state of limbo who aren’t really sure what’s best, sometimes having the added comfort of knowing they can go back to the family home is just what they need in order to fully put things in perspective.
Rest assured, when you are ready to start your property search, our team at Ascend will be ready and waiting. We love that fuzzy feeling tenants and first time buyers get when they start out on their property hunt. We enjoy the many tweets of excitement our team get from people on ‘moving in’ day. It almost makes us want to do a little celebratory dance on their behalf.
So, whether you’re looking to rent or buy, give our Manchester office a call on 0161 637 8336 or our Liverpool office a call on 0151 305 2577. We’ll help you find your perfect property. And what’s more, we’ll do it with a huge smile on our faces.