Nearly two thirds of first-time buyers are having to depend on family members or loans to help them secure a mortgage, according to research by Clydesdale and Yorkshire Bank.
Half of the 63 per cent are relying on their parents to help them obtain a deposit, whilst 28 per cent receive a loan and the remaining 22 per cent are indebted to another family member.
Potential first home buyers in the Midlands are benefiting the most from financial assistance, with a figure of 67 per cent. This is closely followed by London and the south-east, both on 66 per cent. The east has the lowest level of help, but it is still required by over half of those interviewed (52 per cent).
Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said that the research underlined the challenge facing people wanting to get onto the property ladder.
It took a quarter of people between one and two years to save up for a deposit; however nearly one in five (18 per cent) needed up to five years to accumulate the sum.
Mr Pearce said that he hoped Clydesdale and Yorkshire Banks’ new lower mortgage rates would “help more customers to buy their first home”.
