More first-time buyers are relying on funding from their grandparents to finance their deposit, according to research by Santander Mortgages.
Reliance on grandparents’ finance has increased four-fold compared to those who bought their home five years ago.
Miguel Sard, managing director of mortgages at Santander UK, said: “Today’s first time buyers are demonstrating resilience and determination to achieve their home ownership goals.”
Of those currently looking to buy, 32% will use a family loan to help with the deposit, a steep increase from the 13% of current homeowners who asked for financial help from families.
First-time buyers saving for a deposit expect to do so for an average of five years which is a year longer than those who brought their first property five years ago.
Santander’s research suggests that 45% of those looking to buy are more positive now than they were a year ago, compared to the 20% whose confidence had declined.
Sard added: “The purchase of a first property still remains high on the priority list for many people across the UK and it’s encouraging to see so many first-time buyers feeling positive about the year ahead.”