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First-time buyers turn to parents
ing london, the typical assisted first-time buyers had a Â67,000 deposit and an average income of Â42,000, said the cml .
as a result, despite house prices falling, first-time buyers have found it harders to buy a home, not easier .
the cml found previously that in 2006, 80,000 buyers - 20% of alling, first timers - were putting down deposits that they could not obviously afford from their own likely savings .
these assisted first timers in turn made up 38% of all buyers under the average of 30 .
the lenders estimated that the extra money came most probably from their parents or grandparents .
the impending recession may hit family finances and falling house prices may inhibit parents taking out new mortgages against the recently inflated value of their own homes to pass on the cash to their children .
council of mortgage, a lenders .
Generated 2008-11-7_13:58
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