Plymouth FTBs most likely to ask for parental help: British Pearl

First-time buyers in Plymouth are most likely to ask their parents to help pay their deposit, according to British Pearl.

The property investment platform surveyed potential first-time buyers across the UK to see if they were planning on asking their parents or grandparents to help them to buy a home.

It found more than a third (37 per cent) of house hunters in Plymouth have borrowed from the bank of mum and dad, or are planning to, to get a foot on the property ladder. This is despite the average cost of property in the Devon city being £175,860 lower than the national average of £232,554.

London came in second, with 35 per cent of first-time buyers asking their parents or grandparents for financial help. The proportion of buyers asking for family help in Birmingham, Manchester, Liverpool and Southampton were 31.5 per cent, 26.8 per cent, 25 per cent and 23.8 per cent respectively.

The survey ranked Edinburgh as the place where buyers were least likely to ask for help, despite property prices being 14 per cent higher than the national average. Just 13.6 per cent of buyers in Edinburgh have approached, or are planning to approach, their parents for help with a deposit.

British Pearl investment manager James Newbery says: “It is hardly surprising to see buyers turn to their parents for help with a deposit in places like London, where the huge amount of cash required is pretty hard to find.

“However, it is the Edinburgh results that are the most surprising, pointing to a population of relatively well-off inhabitants to match the city’s high property prices. What will have helped those in the Scottish capital is the fact prices have risen at a much more gradual pace than London, climbing just 23.7 per cent since November 2010. London has seen its average price soar by an eye-watering 70.8 per cent in that time.

“In Plymouth the cost of property has risen at an even slower rate than Edinburgh but that is offset by significantly lower average salaries.”

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