FTB's given hand

As first-time buyers (FTBs) face growing initial costs in getting onto the property ladder, more of them are turning to their parents for financial aid, according to a new survey. Latest Council of Mortgage Lenders data has already shown that, with 100 per cent and 100 per cent plus deals having virtually vanished from the market, new buyers had to lay down a typical deposit of 13 per cent in May, up from ten per cent a year previously. Now the Children's Mutual's poll has found that 214,800 FTBs expect to have to pay an average of £19,780 up front to buy a home this year, of whom an estimated 110,000 are unlikely to be able to meet these costs without some parental assistance.
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