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Glasgow Solicitors Blog from The GLP

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First-Time Buyers Struggle to Raise Deposits

A record number of first-time buyers are now relying on financial help from family members in order to get a foot on the property ladder, according to new research from the Social Mobility Commission. The ‘bank of mum and dad’ is often the lender of choice for many would-be home owners.

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Rise in Number of First-Time Buyers

The number of first-time buyers in the UK rose by 7.3% in 2016, from 312,900 in 2015 to an estimated 335,750, according to the latest Halifax First-Time Buyer Review. This is apparently the highest level since the start of the financial crisis in 2007 (359,900).

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Building societies dominate lending to first-time buyers

The building society sector is dominating lending to first-time buyers and is set for further growth in 2013, according to Deloitte, the business advisory firm.

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