Insurance News Archive

Britons 'taking control' of first home purchase

More Britons are refraining from receiving financial support from their parents than six months ago.

Research carried out by Abbey shows that just one in ten first-time buyers are receiving financial assistance from their parents, compared to 23 per cent six months ago.

However, despite this, parents were still concerned about their children's first investment in bricks and mortar.

A similar proportion of parents (45 per cent) will continue to help their children move into their new home.

Nici-Audhlam-Gardiner, head of mortgages at Abbey, said: "The decline in the number of potential homeowners relying on their parents is a positive indication that first-time buyers are finding alternative ways of funding their homes."

"Certainly part of this is due to the rise in the number of mortgage providers offering better solutions to suit the needs of would-be homeowners," she added.

28 Feb 2007