#firsttimebuyers (FTBs) - Challenges & Support
There were a couple of good articles published towards the end of last week on the subject of FTBs.
The first article was published in Your Money by AE3 Media Ltd using research undertaken by Market Financial Solutions .
This reported a significant shift in the amount stress & anxiety suffered by #FTBs as a result of buying their first home. In 2021 Aldermore Bank reported that 52% of FTBs were stressed by the homebuying process. This latest data reported a massive 80% reporting stress & anxiety. Reasons for the shift include
The second article highlighted the importance of family financial support for FTBs. It was published following research undertaken by Skipton Building Society and Hamptons . As a result of relatively high property prices, #costoflivingcrisis and escalating rents, family support has never been more critical for FTBs. 32% receive such support.
What is changing though is the source. We tend to think of this as #BoMaD support and indeed parents provide 72% of all contributions (with an average of ￡15250). Perhaps surprising though, siblings (11%/￡10250) have overtaken grandparents (8%/￡10000).
Overall these contributions make up 63% of the buyers total deposit.
If you want to know more about how Life Moments propositions help FTBs to navigate their home buying journey providing support & financial education so FTBs feel less stressed and anxious then please get in touch [email protected]
The full articles are available here https://bit.ly/45WXUGI, https://bit.ly/3Z9J79q