How first time buyers intend to raise their deposit

By Michelle Rock

While first time buyers are perhaps getting more assistance than ever before to get a foot on the property ladder, the issue of the deposit still remains the largest hurdle for many, even with high loan-to-value (LTV) mortgage products.

Research by Castle Trust looks at how first time buyers intend to raise the deposit money they will need to purchase their new house. The results of the survey were as follows:

  • 53 per cent intend to use savings accounts
  • 12 per cent will borrow from their parents
  • 5 per cent will borrow from their grandparents
  • 9 per cent are waiting to receive an inheritance

The other respondents did not know they would raise the deposit money.

The property market in Northern Ireland finished 2013 showing strong signs of stability in terms of house prices, and the first signs of increases were becoming evident. Early 2014 has seen a marked growth in activity among first time buyers, homemovers and investors, with many obviously feeling that prices are now on the way up. As property values increase, so to does the size of the deposit that buyers need to raise, and this research shows that most will try to save their way towards a property purchase, with only a quarter looking to some kind of assistance from family.

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

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