Parents use savings to help children purchase property

By Michelle Rock

Parents are using savings set aside to fund their retirement in order to help their children get on to the property ladder, and the housing charity Shelter says that they are gifting on average £23,000.

Since the disappearance of 100 per cent mortgages with the property crash, many first time buyers have looked to their parents for help to gather enough money for a deposit. Shelter suggests that around 20 per cent of parents are in a position financially to help their children, but even then they are often having to dip into savings they have set aside to fund their retirement, or make cut backs on their own expenditures.

The charity is calling on the government to build more houses for young first time buyers and encourage "small builders back into the market."

If you are buying, selling or remortgaging a house in Northern Ireland, and want to speak to a property conveyancing solicitor for legal advice, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.