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Thu 11 Jun 2015

Disconnect in first-time buyer perceptions

The latest Halifax Generation Rent Report has highlighted a considerable disconnect in the opinions of first-time buyers and their parents when it comes to the state of the UK housing market at present.

According to the report's findings, while just one in ten (12 per cent) parents believe it is now "virtually impossible" for first-time buyers to successfully apply for a mortgage in the UK, this figure rises to one-fifth (21 per cent) of prospective buyers themselves.

Overall, the report also revealed more than half (57 per cent) of parents that own their own property contribute in some way to helping their offspring take their first steps on to the property ladder.

The most common types of support include contributing towards a deposit (22 per cent), helping to cover the costs of moving (17 per cent) and being a guarantor on a mortgage (five per cent).

Halifax mortgage director Craig McKinlay commented: "Whether it is giving their children a cash lump sum or providing a roof over their heads while they save, it is clear the bank of mum and dad will have a role to play in helping their children get on the property ladder for the foreseeable future."

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