2024's first-time buyers likely to receive £30bn in family support due to higher mortgage rates and stricter mortgage requirements, per Savills.
Savills predicts the "Bank of Mum and Dad" will contribute £30bn to help children buy homes in the next three years, with 54% of first-time buyers using family support in 2024. This assistance has increased due to higher mortgage rates, stricter mortgage requirements, and record rental growth. The Bank of England's base rate cut supports lower loan-to-value mortgage lending, making it harder for first-time buyers to enter the housing market.
August 16, 2024
12 Articles