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First-time buyers 'need parental help'

Many first-time buyers feel unable to get on the housing ladder without parental assistance, according to a new study.

Research by Scottish Widows found that 39 per cent of graduates feel their only hope of buying their first house is having their parents help them fund a deposit.

However, many parents stated that they would not be willing to give their child the money, although they would consider a loan.

Richard Clark, head of product development and marketing at Scottish Widows, commented: "It is clear that it is becoming more and more difficult for graduates to get on the property ladder without any assistance and with rising interest rates and house prices they need all the help they can get."

He added that many graduates who have worked for several years are still forced to borrow money from their friends and family.

This comes in the wake of a study by W3 Debt Solutions, which found that a growing number of young people are still struggling to cope with their student debts.

The proportion of 20 to 30-year-olds entering into individual voluntary arrangements (IVAs) in the past six months was found to have risen by 183 per cent as a result.

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20/04/2007 14:38:41

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