New buyers 'want to stay close to parents'

People who are on the lookout for good first-time buyer mortgages are keen to purchase a home close to their parents, according to research.

A Zurich Insurance study of over a thousand new buyers found that six in ten chose to buy a property within 20 miles of their family home and one in seven bought a house a mile or less away from their parents.

Mums and dads also appear to be of financial help for people with first-time buyer mortgages, with 21 per cent of parents helping their children out financially with their house purchase.

Martin Hall of Zurich said: "Buying your own home is one of the biggest changes people encounter. Our research shows that people are making the move onto the property ladder, but aren't quite ready to fully cut the apron strings.

"Adult children are choosing to stay close to the family home not only because they enjoy spending time with their parents, but also because they genuinely value the practical support and advice that they offer."

First-time buyers are most likely to stay close to home in the north-east, with 78 per cent buying within 20 miles of their parents, while 35 per cent of Londoners buy over 100 miles away from their family home.

Related Articles