First-time buyers ‘will need help entering the market’

Many people purchasing their first home are going to struggle to raise the finances unless they receive support.

That is the opinion of Helen Adams, managing director of property portal FirstRungNow.com, who stated that a lot will receive aid from their parents.

She said: “I think that they will get help and that there will be increasing demand from first-time buyers while prices stay quite low.”

Family members can help their children in a number of ways, Ms Adams added, such as acting as a guarantor, providing the initial deposit on a house or agreeing to a joint mortgage.

First-time buyers should look to get the best advice possible before entering the market and some could benefit from government schemes, she commented.

Credit Action figures recently revealed that the average deposit for a person buying their first home was 25 per cent in April 2009, which is the largest since records began.

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