Young house hunters turn to parents

Yahoo News reports:

Cash-strapped offspring are turning to their parents for help, with almost half of first-time buyers reliant on their families to help fund their first property, according to the Council of Mortgage Lenders.

The council's latest research shows that 46 per cent of people under 30 are getting financial help from relatives to raise a deposit, up from 10 per cent in 1995.

Northern Ireland has the biggest proportion of first-time buyers dependent on their families for help, followed by London. Buyers receiving help put down a deposit of £57,000 in London last year - more than twice the amount in any other region, underlining the high barriers to home ownership in the capital.

Homeowners in Scotland were the least likely to have received handouts from their parents, according to the research, with 16 per cent being given financial help.

A sign of the times.