Second-steppers taking over, keeping the Bank of Mum and Dad in business

second-steppers keep bank of mum and dad in business

9 out of 10 family lending transactions, involve people moving up the ladder. With My Home Move (conveyancing firm) claiming that the number of first-home buyers requiring gifts or loans for a deposit has decreased by a 4.5% over two years.

88.9% of My Home Move’s accounted gifted deposit transactions were middle-movers and second steppers. Seeing a 7.1% increase over two years.

Property Industry Eye further highlights the results from My Home Move’s reporting and later quotes the chief executive of My Home Move, Doug Crawford. He states “It is clear that affordability is becoming a concern not just for first-time buyers, but for people on all steps of the property ladder.”

Read the article in full here!

Credit: Marc Shoffman

Source: www.propertyindustryeye.com

 

 

 

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