Figures also show that a fifth of these potential first time buyers believe they would need up to £10,000 to enable them to get onto the housing ladder – while just 28 per cent think they would need up to £20,000.
The research also found that 86 per cent of young people thought they couldn’t currently afford to buy their own home, with a third expecting to wait between five and 10 years before getting onto the housing ladder.
However, with a growing number of first time buyers continuing to rely on parental help – coupled with the fact that 70 per cent of parents with children over the age of 18 believe now is the right time to get them onto the housing ladder – regional developer Stamford Homes can help to bridge the gap.
The innovative Family Bond incentive allows the company to pay Mum and Dad an unparalleled guaranteed interest rate on their savings if they use them as a deposit for their children to buy a Stamford home.
The scheme allows Mum and Dad to provide up to 25 per cent of the purchase price and then Stamford Homes pay back interest on that loan at the rate of 10.25 per cent for two years.
Stamford Homes regional sales and marketing director Peter Bond said: “This is a fabulous scheme for parents who sincerely want to assist their children but who would lose the interest they would be receiving if they left their money in a savings account.
“Current research shows that parents are feeling the pressure to save for their children’s future – particularly as the number of first time buyers rises sharply.”
He added: “The benefits to the buyer are that they will have a larger deposit to put down on their new home, lower mortgage repayments and are safe in the knowledge that Mum and Dad will get a healthy return on their investment in helping them onto the property ladder.”
The scheme is subject to terms and conditions, but is available across all Stamford Homes Midlands developments.
For more details about the Family Bond and other Stamford Homes incentives, as well as new homes in the region, visit http://www.gallifordtryhomes.co.uk/stamford-homes/offers-incentives/family-bond#Buying%20Your%20New%20Home