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First-time buyers 'need £20,000' to get on ladder
16.07.2008
The average first-time buyer will need £19,780 to fund a property purchase this year, new figures suggest.
In many instances, parents will bear the brunt of the cost, according to the research from The Children's Mutual.
Given the absence of 100 per cent mortgages, first-time buyers will need to stump up more than £4.2 billion in order to break into the property market in 2008, it states.
Chief Executive of The Children's Mutual David White says: "The challenge faced by many parents of young children in particular is how to provide for their children now while simultaneously preparing for their futures."
He adds the pressure being faced by parents is increasing "from all sides" as the credit crunch bites.
Earlier this week, Asda Financial Services advised consumers to combat the credit crunch by switching home energy suppliers.
The company's spokesman Gideon Ingham said households could potentially save hundreds of pounds by shopping around for a better deal.
In many instances, parents will bear the brunt of the cost, according to the research from The Children's Mutual.
Given the absence of 100 per cent mortgages, first-time buyers will need to stump up more than £4.2 billion in order to break into the property market in 2008, it states.
Chief Executive of The Children's Mutual David White says: "The challenge faced by many parents of young children in particular is how to provide for their children now while simultaneously preparing for their futures."
He adds the pressure being faced by parents is increasing "from all sides" as the credit crunch bites.
Earlier this week, Asda Financial Services advised consumers to combat the credit crunch by switching home energy suppliers.
The company's spokesman Gideon Ingham said households could potentially save hundreds of pounds by shopping around for a better deal.