UK Money News
10th April 2008
First time buyers pooling funds
More and more first time buyers are clubbing together in order to buy a property, it has been claimed.
In a poll of the 740 estate agents affiliated to the Home Sale Network (HSN) some 57 per cent said they had noted a rise in the number of first time buyers entering into house purchases with others over the last five years.
Of these the majority (81 per cent) buy with partners, compared with 14 per cent and five per cent who pool their money with family and friends respectively.
David Panks of HSN Leeds said the trend was to be expected given the burgeoning rate of house price inflation over the last ten years.
He commented: "Buyers are having to find new ways to get the necessary funds together to get on the to property ladder, whether that's buying with their partner, a group of friends or a family member."
Earlier this week the government announced it would be providing 2,000 grants of £1,500 to first time buyers to assist them with paying solicitors' fees and buying furniture.
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