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1 in 10 home buyers rely on help from family and friends

TomS - Head Tom Simper Aug 29, 2024, 11:00 AM

High mortgage rates and rising prices have led more buyers to seek alternative financial support to enter the market or move up the housing ladder.

The latest Survey of English Housing shows that in 2022/23, 1 in 10 homeowners relied on financial help from friends and family to buy their home, an increase from 1 in 15 homeowners a decade ago.

The use of personal savings as a financing method has significantly increased, with nearly half of all buyers relying on savings, up from 39% ten years ago. Source: Dataloft by PriceHubble, English Housing Survey, showing all owner occupiers who bought their own home, respondents could cite more than one source

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